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BP boosts biofuels portfolio
9/2/2022
News
BP has acquired a 30% stake in Green Biofuels (GBF), the UK’s largest provider of hydrogenated vegetable oil (HVO). GBF has delivered over 55mn litres of HVO to the UK market in the past two years.
GBF’s products are made from renewable feedstocks such as vegetable oils, animal oils and fat. The product range includes HVO Gd+, a low emission advanced HVO fuel that can be used as a direct drop-in replacement for diesel used in transport vehicles, temporary generators and construction machinery.
BP reports that by using HVO fuels, operators of diesel engines typically save lifecycle greenhouse gas emissions in the region of 87%, while improving local air quality. Meanwhile, it says that in-field and controlled environment independent tests have shown that compared to standard diesel emissions, HVO Gd+, which is often made from waste products, can achieve up to 85% reduction in emissions of particulates and up to 30% reduction in nitrogen oxides emissions.
The investment is another example of BP’s work to help decarbonise hard-to-abate sectors. In December 2021, the company announced it had taken a stake in Gasrec, the UK’s largest dual provider of bio- LNG and bio- CNG to the heavy goods vehicles industry.
More recently, in early February 2021 BP entered into a long-term strategic offtake and market development agreement with Nuseed, under which BP Products North America will purchase Nuseed Carinata oil to process or sell into growing markets for the production of sustainable biofuels.
‘Sustainable biofuels have a vital role to play in decarbonising transport’, comments Carol Howle, Executive Vice President, Trading & Shipping at BP. ‘By working with Nuseed, we can use their sustainable feedstock to help decarbonise challenging transportation sectors such as aviation, supporting the production of sustainable aviation fuel (SAF) and other biofuels.’
According to Nuseed Group Executive Brent Zacharias: ‘Nuseed Carinata is a proven, drop-in solution for biofuel processors that’s ready to scale globally on existing farmland between main food crops.’
Nuseed is currently increasing commercial production in Argentina and planning expansion programmes in South America and the US. Initial research and market development programmes are also underway in Europe and Australia. BP expects to initially target low carbon biofuel markets in Europe and North America.
Globally, BP aims to more than double its bioenergy portfolio by 2025 – and to quadruple it by 2030 – compared to 2019.
