BP acquires 30% stake in UK producer of hydrogenated vegetable oil
BP says its intention is to support the decarbonisation of construction, freight, off-road and marine industries, rather than everyday automotive applications.
In the UK, all petrol and diesel fuels contain a certain percentage of biofuel. E10 petrol contains 10% ethanol, while pricier E5 petrol contains 5% ethanol. B7 diesel contains 7% biodiesel. BP’s investment in Green Biofuels comes shortly after it announced that it had taken a stake in Gasrec, the biggest bio liquified natural gas and bio compressed natural gas firm in the UK’s heavy goods vehicle sector.
“BP’s investment 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,” the company said. "HVOs have the potential to play an important part in supporting lifecycle emission reductions in many sectors, providing a commercially viable decarbonisation option for fleet owners, construction companies and vessel operators, as HVOs are a drop-in replacement fuel."
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