BP acquires stake in Green Biofuels with eye on lowering marine emissions
Oil and gas supermajor BP says the marine industry is among the sectors it looks to decarbonise with its latest biofuels aquisition.
PHOTO: Trucks using GBF's HVO fuel. Green Biofuels
BP has acquired a 30% stake in Green Biofuels (GBF), the UK’s largest producer of hydrogenated vegetable oil (HVO).
GBF has delivered more than 55 million litres of HVO products in UK market in the past two years. The product is made from renewable feedstock such as vegetable oil, animal oils and fat.
The product range includes low emission advanced HVO fuel that can be directly applied in diesel engines without the need of any modification or capital investment, says GBF.
HVO fuels used in a diesel engine result in reducing emissions by 85% and nitrogen oxides emission by 30%, says BP.
BP has been scaling up investments in biofuels. In December the company announced a stake in Gasrec, the UK's largest provider of bio-LNG and compressed natural gas (bio-CNG).
Also looking to ramp up bio-bunker supply in the UK, last week the Port of London Authority (PLA) installed two tanks to store 20,000 litres of HVO in Gravesend on the Thames and plans to adopt biofuel across its entire fleet.
