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BP To Invest $500 Million in Biofuels Research Centre |
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| UK: June 15, 2006 | ||
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LONDON - BP Plc is to invest $550 million over the next 10 years to establish a centre for biofuels research, the British oil major said on Wednesday. BP Chief Executive John Browne, who has often been a first mover in the oil industry on environmental issues, said his company was in talks with universities in the United States and the UK that could host the new institute.
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BP's "Energy Biosciences Institute" will focus on developing new and improved blending components for traditional fuels, ways to extract more biofuels from crops and developing plant species that offer higher fuel yields and which can grow in areas not suitable for food production. The second-largest western oil company by market capitalisation said it hoped to launch the institute's first research programmes by the end of 2007. "We believe that the demand for biofuels will rise significantly through the next decade. Consumers want energy which is clean and local," Browne told a press conference.
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