BP plans to invest US$1.5 billion in biofuels

BP PLC’s Chief Executive Robert Dudley said that the company plans to invest US$1.5 billion in the development of biofuels this year.  In March, the company acquired an 83% stake in Companhia Nacional de Acucare Alcool (CNAA) for US$680 million.  CNAA is a producer of sugarcane and renewable fuel in Brazil.  Dudley said the company will protect the food security of the countries it invests in. “It is our policy.  We will not invest in biofuel in corn-based ethanol, on lands used for food; it will be in the Brazilian grasslands which are used specifically for fuel crops,”  he said. (May 13, 2011)