bp will invest 353 million yuan in Lianyungang Jiaao New Energy Company
Companies
Aug 29, 2024
103
Recently, the international oil giant bp Group signed an equity investment agreement with Lianyungang Jiaao New Energy Co., Ltd., and bp agreed to invest 353 million yuan in Lianyungang Jiaao.
The project is designed to produce 500,000 tons of SAF (sustainable aviation fuel) per year. Construction has started in the first quarter of 2023 and is expected to be put into production in the first quarter of 2025. As an equity investor, bp will hold a 15% stake in the project. The transaction is subject to regulatory approval.
bp said that the investment in Lianyungang Jiaao will support the continued growth of bp's strategic bioenergy business. This investment will accelerate bp's goal of producing SAF (through hydroprocessing of esters and fatty acids (HEFA) and help bp become a leading supplier of SAF.
Disclaimer
1. The above remarks only represent the author’s own opinions and do not represent the position of this site;
2. When reprinting articles, please indicate that they are from "Plas.com (www.plas.com)" and include the author’s name. Commercial use requires authorization from the author and the website;
3. If there is any infringement, please contact the author directly, or send a written letter to our company for transmission and processing;
Latest News
Saudi Aramco and Rongsheng Petrochemical discuss acquisition agreement
ADNOC and ExxonMobil sign agreement to build the world's largest low-carbon hydrogen plant
