AB Foods to build biofuel plant
Associated British Foods, which serves the world Twinings Teas, plans to build a new biofuel plant in Britain.
The food group formed a joint venture with BP and DuPont to build the plant in Hull at a cost of roughly $400 million, the Financial Times reported Tuesday. Associated British Foods and BP will each hold 45% of the joint venture, with DuPont owning 10%. The factory in Hull will produce ethanol from wheat, official said. It is expected to begin operations in 2009, producing about 111 million gallons of ethanol a year.
Under government regulations on biofuels, which substitute for gasoline and can cut greenhouse gas emissions, gasoline companies must blend 5% ethanol with their fuel by 2010. The new plant will provide a third of the biofuel required to meet the requirement in Britain. (monstersandcritics.com)
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.