BP To Invest $500 Million in Biofuels Research Centre
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.