BP announces biofuels deal


Standard energy rates will be capped from January 2019, but switching with us could save you as much as £482* on your annual energy bills.

in partnership with Banner uswitch

Looking to switch your business energy supplier? Click here

* Between 1 Jan 2018 and 30 Jun 2018, at least 10% of people who switched energy supplier for both gas & electricity with uSwitch saved £482 or more.

BP has signed its second biofuels deal in the space of seven days - sealing a joint venture with D1 Oils, a UK-based alternative fuels company.

BT will invest £32 million of working capital into D1 Oils on the 50:50 venture - with D1 providing 1.9 per cent of its assets in return. BP has the option buy a further 16 per cent if it invests £30 million more.

The plan is to accelerate planting of jatropha, which grows in tropical and sub-tropical areas, on wasteland marginal sites. D1 will then provide BP with exclusive use of the jatropha seeds and seedlings and will receive a premium price in return.

"This joint venture is a further milestone in our strategy to develop real avenues to contribute to global energy supplies in ways that are sustainable and progressive,” Iain Conn, chief executive officer of BP’s refining and marketing business, said.

Elliott Mannis, chief executive officer of D1 Oils, commented: "This is a transforming event for D1. BP's decision to join us in this new venture is a significant endorsement of our strategy to develop jatropha as a global raw material for the production of sustainable biodiesel."

Click here to run an energy price comparison, and see if you could be paying less for your gas and electricity.

Found this page interesting?

Help spread the word and share this page with your friends and family on your social networks.

Cookies help us deliver our services. By using our services, you agree to our use of cookies. Learn more