BP won’t move forward with US ethanol plant
Fuel giant British Petroleum (BP) has backed out of plans to construct a $300 million (€232 million) ethanol plant which would have been based in Florida, US.
BP is confident in the effectiveness of its technology to convert energy crops into advanced cellulosic ethanol, but that it could earn better returns pursuing other avenues.
The news has caused many to call this a ‘huge blow’ to the contribution of second generation biofuels over the next few years.
‘Given the large and growing portfolio of investment opportunities available to BP globally, we believe it is in the best interest of our shareholders to redeploy the considerable capital required to build this facility into other more attractive projects,’ a statement read.
The ethanol project was announced three years ago and was hoped to employ up to 800 people while in operation.