BP, the London-based petroleum producer, has acquired a 30-percent share in Green Biofuels Ltd. which produces a green replacement for diesel.
Green Biofuels is the UK’s largest provider of hydrogenated vegetable oil (HVO) products, made from renewable feedstocks such as vegetable oils, animal oils and fat. Products includes HVO Gd+, a low emission advanced HVO fuel that can be used as a direct replacement for diesel, according to BP.
The investment will support GBF’s growth as it works with businesses that want to move away from using traditional diesel fuel in transport, temporary generators and construction machinery. BP has embarked on a strategy to reduce oil production and increase renewables and other green fuels generation as it seeks to cut carbon emissions.
“We are delighted to be working with Green Biofuels, who are at the forefront of HVO supply in the UK market, providing their customers with solutions to help them take steps to decarbonize today,” said Sven Boss-Walker from SVP refining & products trading. “This investment further expands our biofuels portfolio, as we transition to become an integrated energy company.”
The release did not provide information on the price of the acquisition.Operators of diesel engines save lifecycle greenhouse gas emissions by 87-percent when substituting to HVO fuels, according to the statement.
The move targets customers that need a fuel with the specific characteristics of diesel, and are therefore difficult to decarbonise.
BP is currently investing heavily in the research and development of alternative fuels. Last year, the company announced plans for the UK’s biggest blue hydrogen plant. BP also recently took a stake in Gasrec – the UK’s largest dual provider of bio-liquified natural gas (LNG) and bio-compressed natural gas (CNG) to the heavy goods vehicles industry.
