BP announced
Oct. 25 it is cancelling 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.