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)