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BP cancels plans for Florida cellulosic ethanol plant

2:40 PM MDT | October 26, 2012 | Rebecca Coons

BP says it has canceled plans to build a commercial-scale cellulosic ethanol plant at Highlands County, FL, and will refocus its US biofuels strategy on R&D and on licensing its technologies. “Given the large and growing portfolio of investment opportunities available to BP globally, we believe it is in the best interest of our shareholders to redeploy the considerable capital required to build this facility into other more attractive projects,” says  Geoff Morrell, BP's vice president of communications. BP originally announced plans to build...

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