3rd Feb 2022 10:36
(Alliance News) - Oil major BP PLC on Thursday bought a 30% stake in Green Biofuels Ltd, a London-based provider of low-emission hydrogenated vegetable oil fuels.
"The investment in GBF will expand BP's global biofuels portfolio and its lower carbon solutions for UK customers, in line with its strategic aim of growing its bioenergy businesses," London-headquartered BP said
GBF's products are made from renewable feedstocks such as vegetable oils, animal oils and fat. The product range includes hydrotreated vegetable oil Gd+, a low emission HVO fuel that can be used as a direct drop-in replacement for diesel.
HVO is a paraffinic bio-based liquid fuel originating from many kinds of vegetable oils, such as rapeseed and sunflower.
BP said it will support GBF's growth as it works with businesses looking to transition away from using traditional diesel fuel in their assets, such as transport vehicles, temporary generators and construction machinery.
"We look forward to supporting their continuing growth and working together on these immediately available alternatives," BP said.
No financial details of the investment were disclosed.
BP shares were up 0.7% at 392.45 pence each in London on Thursday morning.
By Greg Roxburgh; [email protected]
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