BP plans to invest $1 billion in 2011 in its renewable energy business, roughly the same amount it invested last year.
During the company's fourth-quarter earnings call, BP CEO Bob Dudley said that a bulk of the company's green Capex would largely support biofuel and wind projects.
Since 2005 BP says its has invested about $5 billion in its renewable energy business.
Dudley mentioned that BP was planning to construct a biofuel refinery in the Southeastern U.S. in the next 12 months. This is likely BP's wholly-owned Vercipia cellulosic ethanol facility in Highlands County, Florida.
As part of its biofuel buildup, this summer BP acquired Verenium Corp's cellulosic biofuels business for $98 million.
In Brazil BP holds a 50 percent stake in Tropical BioEnergia and plans to invest $1 billion to operate two ethanol refineries.
As for wind, in the U.S. BP currently generates more than 1,200 megawatts of wind-powered electricity. In July it launched construction of the 250-megawatt Cedar Creek II wind farm in Weld County, Colo.
BP announced fourth-quarter net income, up 30 percent to $5.6 billion compared to the same time period a year ago.
By. Terrence Murray
Source: Green Energy Reporter
GER is a Newsblog that provides insight on the people, investments and policies affecting the green energy sector. More
Russia Discovers Massive Oil and Gas Reserves in British Antarctic Territory
Aramco’s Q1 2024 Results: Saudi Arabia is at a Dangerous Tipping Point
Groundhog Day for OPEC+
Oil Prices Remain Rangebound but a Breakout May Be Coming
Vertical Axis Wind Turbines Redefined by Machine Learning
Comments