D1 Oils buys out BP stake
Just weeks after a predicted bust, UK-based energy crop developer D1 Oils has reached a conditional agreement with BP to acquire BP's 50% interest in D1-BP Fuel Crops, its joint venture with BP for the planting of jatropha.
D1 will thereby to take back sole ownership the global planting assets and interests of the joint venture.
In June the company announced it had failed to attract a third investor and developing the business beyond the end of 2010 would require a capital injection.
BP will retain an interest in D1's planting activities through an extension and amendment of the existing option and relationship agreement between BP and D1 and the parties have agreed to maintain an ongoing dialogue in relation to the potential supply of crude Jatropha oil (CJO) to BP.
Following completion of the agreement D1 will merge its plant science business with the then fully-owned planting operations and begin marketing its technology and services in Jatropha to third parties.
D1 will thereby to take back sole ownership the global planting assets and interests of the joint venture.
In June the company announced it had failed to attract a third investor and developing the business beyond the end of 2010 would require a capital injection.
BP will retain an interest in D1's planting activities through an extension and amendment of the existing option and relationship agreement between BP and D1 and the parties have agreed to maintain an ongoing dialogue in relation to the potential supply of crude Jatropha oil (CJO) to BP.
Following completion of the agreement D1 will merge its plant science business with the then fully-owned planting operations and begin marketing its technology and services in Jatropha to third parties.
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