BP and Fapesp invest US$50 million for R&D of biofuels

BP Biocombustiveis Brasil, the Brazilian sugar and ethanol unit of BP and Fapesp, the research foundation of southeastern Sao Paulo state, agreed to jointly invest US$50 million for research on and the development of biofuels. The 10-year cooperation accord stipulates that the two partners will identify and develop projects which involve technological opportunities for the production of biofuels from biomass, particularly sugar cane. The agreement also calls for research and development of ethanol applications in car engines. Mario Lindenhayn, CEO of BP Biocombustiveis Brasil, said that BP has spent more than US$1 billion in global investments in biofuels-related technology, research and development. (April 30, 2012)