bp buys 30% stake in Green Biofuels

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Oil and gas giant bp has expanded its global biofuels portfolio by acquiring a 30% stake in Green Biofuels, aiming to reduce emissions from hard to decarbonise sectors including many diesel-run assets.

GBF’s products are made from renewable feedstocks such as vegetable oils, animal oils and fat. The two companies will work together to help decarbonise businesses across the construction, freight, off-road, and marine industries

bp’s investment will support GBF’s growth as it works with businesses looking to transition away from using traditional diesel fuel in their assets, such as transport vehicles, temporary generators and construction machinery.

The investment in GBF will expand bp’s global biofuels portfolio and its lower carbon solutions for UK customers, in line with its strategic aim of growing its bioenergy businesses as it transitions to become an integrated energy company.

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Founded in 2013, GBF is the UK’s largest provider of HVO, having delivered over 55 million litres of HVO products to the UK market over the past two years. HVO Gd+, which includes GBF’s additives, can be used in diesel engines without the need for modifications or capital expenditure.

HVOs have the potential to play an important part in supporting lifecycle emission reductions in many sectors, providing a commercially viable decarbonisation option for fleet owners, construction companies and vessel operators as HVOs are a drop-in replacement fuel.

Read more: Why is no one talking about biofuels?

Sven Boss-Walker, SVP refining & products trading at BP, said: “We are delighted to be working with Green Biofuels, who are at the forefront of HVO supply in the UK market, providing their customers with solutions to help them take steps to decarbonise today. We look forward to supporting their continuing growth and working together on these immediately available alternatives. This investment further expands our biofuels portfolio, as we transition to become an integrated energy company.”

This investment is another example of bp’s work to help decarbonise hard-to-abate sectors. In December 2021 bp announced it had taken a stake in Gasrec - the UK’s largest dual provider of bio-liquified natural gas (LNG) and bio-compressed natural gas (CNG) to the heavy goods vehicles industry.

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