Producing from crops

BP and agricultural company Corteva establish biofuels joint venture

BP wil met de oprichting van Etlas kunnen voldoen aan de verwachte toenemende vraag naar biobrandstoffen. Foto: Shutterstock

British oil and gas group BP announces a new joint venture called Etlas with US agricultural company Corteva, which specialises in seeds and crop protection. The collaboration focuses on producing feedstock for biofuels.

In the new joint venture, both parties each have 50 per cent of the shares. Etlas will produce oil from crops – including rapeseed, mustard seed and sunflower – for use in the production of biofuels such as Sustainable Aviation Fuel (SAF) and Renewable Diesel (RD).

Production and planning

In a press release, BP says Etlas will leverage Corteva’s experience in seed technology to develop crops suitable for SAF and RD production, combined with BP’s expertise in refining and commercial marketing of fuels for the transport sector.

Etlas’ goal is to produce 1 million tonnes of feedstock annually by the mid-2030s, making more than 800 thousand tonnes of biofuel. The first deliveries are scheduled for 2027 and will be used both for co-processing in refineries and for use in dedicated biofuel plants.

Growing demand

According to BP, industry estimates show that global demand for SAF could grow to potentially 10 million tonnes by 2030, up from around 1 million tonnes in 2024. Global demand for renewable diesel could rise to around 35 million tonnes in 2030 over the same period, up from around 17 million tonnes in 2024. BP writes that Etlas was established to “provide a reliable and scalable supply of feedstock to help meet this expected demand”.

Philipp Schoelzel, senior vice president of biofuels growth at BP, says the joint venture gives BP more flexibility within the biofuel supply chain and strengthens the company’s position. “With this partnership, we can invest efficiently while achieving attractive returns.” The emphasis on returns is characteristic of BP’s current direction, which is under pressure from investors. It was also announced in mid-December last year that Meg O’Neill has been appointed as the new ceo, succeeding Murray Auchincloss. She will be tasked with improving profitability and reducing costs.

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This article was automatically translated from the Dutch language original to English (British).

Author: Nina Koelewijn

Source: MobilityEnergy.com

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