BP buys US biofuel assets

15th Jul 2010 17:23

BP has agreed to buy enzyme developer Verenium's cellulosic biofuels business for $98.3m.The purchase includes Verenium's facilities in Jennings, Louisiana and San Diego, California. 'This acquisition demonstrates BP's intent to be a leader in the cellulosic biofuels industry in the U.S. and positions us as one of the few global companies with an integrated end-to-end capability, from R&D through commercialization to distribution and blending," said Philip New, chief executive of BP Biofuels. 'Our partnership with Verenium has been very fruitful, enabling the companies to develop a leading cellulosic ethanol technology package, driven forward by the skills and expertise of people from both companies.'News of the purchase comes on the same day American politicians passed a bill that could effectively ban BP from any new drilling in US waters for seven years. A House committee agreed measures to stop any company that's caused 10 deaths or more during operations from obtaining offshore oil exploration permits.