BP aims to be world's leader in biofuels, ups ante in Brazil

October 4, 2011 |

In Brazil, BP plans to invest billions of dollars in the coming years to become the world’s leading supplier of biofuels. The Company’s ambitious target is focused on increasing its considerable land holdings in Brazil to produce billions of gallons of ethanol from sugar cane. BP plans to increase its investments between US$501.3 million (£324 million) and US$1 billion (£650 million) a year in the region.

Additionally, over the past six years, BP has spent nearly US$7 billion (£4.5billion) in South America to build up its biodiesel business, resulting in a current ten per cent share of the market.

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Category: Fuels

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