October 26, 2012

BP cancels plans for cellulosic ethanol plant in Florida

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.