UPDATE: BP plc (BP) Cancels Plans for US Cellulosic Ethanol Plant
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(Updated - October 25, 2012 1:22 PM EDT)
BP plc (NYSE: BP) s canceling plans to build a commercial-scale cellulosic ethanol plant in Highlands County, Florida and refocusing its U.S. biofuels strategy on research and development as well as licensing its industry–leading biofuels technology.
“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,” said Geoff Morrell, BP vice president of communications.
BP originally announced plans to build the Florida facility in 2008 with the intention of turning thousands of acres of energy crops into 36 million gallons per year of cellulosic ethanol. While ending its pursuit of commercial-scale cellulosic ethanol production in the U.S., BP continues to invest in and operate its world-class biofuels research facility in San Diego, California, and a demonstration plant in Jennings, Louisiana, to further develop next generation cellulosic biofuel technologies and license them for commercial use in the U.S. and around the world.
BP plc (NYSE: BP) s canceling plans to build a commercial-scale cellulosic ethanol plant in Highlands County, Florida and refocusing its U.S. biofuels strategy on research and development as well as licensing its industry–leading biofuels technology.
“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,” said Geoff Morrell, BP vice president of communications.
BP originally announced plans to build the Florida facility in 2008 with the intention of turning thousands of acres of energy crops into 36 million gallons per year of cellulosic ethanol. While ending its pursuit of commercial-scale cellulosic ethanol production in the U.S., BP continues to invest in and operate its world-class biofuels research facility in San Diego, California, and a demonstration plant in Jennings, Louisiana, to further develop next generation cellulosic biofuel technologies and license them for commercial use in the U.S. and around the world.
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