D1 Oils faces dubious future
Another biofuels player has fallen victim to the economic downfall. UK-based energy crop developer D1 Oils’ joint venture with BP to plant biofuel crop jatropha around the world has failed to attract a third investor.
Last year D1 announced the closure of its refineries on Teesside and Merseyside. Since then it has been concentrating on the research and planting of jatropha to produce biodiesel. The project has planted 544,000 acres in areas including India and South Asia.
Developing the business beyond the end of 2010 will require a capital injection, which constitutes a material uncertainty, the company says in a statement.
Now, D1 says it is in talks with BP to dissolve the D1-BP Fuel Crops joint venture and bring planting and plant science operations together under full D1 Oils control.
The company says it is looking to buy BP's interest in the capital structure of D1-BP Fuel Crops for an interest in D1 Oils.
Last year D1 announced the closure of its refineries on Teesside and Merseyside. Since then it has been concentrating on the research and planting of jatropha to produce biodiesel. The project has planted 544,000 acres in areas including India and South Asia.
Developing the business beyond the end of 2010 will require a capital injection, which constitutes a material uncertainty, the company says in a statement.
Now, D1 says it is in talks with BP to dissolve the D1-BP Fuel Crops joint venture and bring planting and plant science operations together under full D1 Oils control.
The company says it is looking to buy BP's interest in the capital structure of D1-BP Fuel Crops for an interest in D1 Oils.
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