26 Oct '12, 3pm

The October Surprise: BP Cancels Plans for US Cellulosic Ethanol Plant

The October Surprise: BP Cancels Plans for US Cellulosic Ethanol Plant

“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 BP did not directly comment on its plans to build a second, 72 million gallon plant in the southeastern US by 2017, the company, in a statement, said that was “ending its pursuit of commercial-scale cellulosic ethanol production in the US.” The October surprise factor As recently as the London Olympics, BP had described its long-term lower-carbon strategy as investing in t...

Full article: http://www.renewableenergyworld.com/rea/news/article/2012...

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