BP Biofuels to focus on building its business in Brazil

BP Biofuels, a unit of BP, said that the company has placed much of its capital investment in the ethanol industry of Brazil last year and it intends to build its business in the country before it explores potentials in Africa or Asia. “We’ve looked at both (Africa and Asia) but our view is…we need to (first) learn how to do sugar cane in Brazil and build a position there,” BP Chief Executive Philip New said. The company had also invested in lignocellulosic ethanol, the production of biofuel from wood, grasses or the non-edible part of plants in the U.S. It had also begun a joint venture bio refinery in Europe. New explained that the country’s focus is now on the production of biofuels from sugars extracted from crops. “We have chosen to focus all our investments into renewable, low cost sugars for a reason. We do believe they represent the most economic and the most sustainable pathway to being able to meet some of the world’s needs for biofuels in the future,” he said. (February 28, 2012)