BP Plc is to forgo building a biofuels plant in the Netherlands as the UK energy giant continues to focus its downstream portfolio, following a strategic pivot earlier this year to return to focusing on its core oil and gas business.
The decision, confirmed by a company spokesperson on Monday, marks the second Dutch biofuels plant to not move ahead this year, after Shell Plc shelved its facility under construction in favor of shedding low-carbon businesses to boost profitability.
BP hadn’t begun construction of its site in Rotterdam, and previously stopped plans to build biofuels plants at its Kwinana facility in Australia. BP has also paused work at plants in Germany and the US, leaving its Spanish site of Castellon as the possible long-term option for development. Reuters first reported BP scrapping plans to build the Dutch plant.
BP has previously said it needs a 15% return on investment on biofuels investments.
The London-based company plans to invest $1.5 billion to $2 billion a year through 2027 on energy transition businesses, down from plans of spending more than $5 billion annually on the transition.
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