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BP Exits Jatropha Joint Venture with D1

D1 Oils plc will acquire BP’s 50% interest in D1-BP Fuel Crops Limited, its joint venture with BP for the planting of jatropha curcas. (Earlier post.)

BP will retain an interest in D1’s planting activities through an extension and amendment of the existing option and relationship agreement (originally signed in 2007) between BP and D1 and the parties have agreed to maintain an ongoing dialogue in relation to the potential supply of crude Jatropha oil (CJO) to BP.

In return for an immediate cash payment to BP of £500,000 (US$816,000), D1 will take ownership of all of BP’s shares in D1-BP Fuel Crops, thereby assuming all of the assets & liabilities, as well as agreeing to take responsibility for any third-party claims against the BP group related to the business and operations of the Joint Venture.

D1 has also agreed to pay BP, by way of deferred consideration, £30 for every tonne of the first 20,000 tonnes of CJO, up to maximum of £600,000, produced by the D1 group and sold to third parties. To the extent not already paid, the £600,000 deferred consideration is payable by D1 at the latest by 31 December 2014.

As of 31 May 2009 D1-BP Fuel Crops had interests in approximately 220,000 hectares of Jatropha in Africa, India and South East Asia, which currently represent approximately 25% of the estimated total global planting of Jatropha curcas.

Completion of the acquisition of BP’s shares in the Joint Venture will also bring to an end the exclusive supply relationship between D1’s plant science business and the Joint Venture, thereby enabling D1 to market its plant science and planting technology and expertise to third-party operators of Jatropha projects.

Comments

ejj

This makes sense...a big corporation that over-extends its tentacles into too many areas usually fails...let the smaller specialists assume control & the risks on their balance sheets...the corporation should stay focused on improving its core competencies.

Henry Gibson

Whilst the large petroleum companies have the money to fund adventures in alternative fuels, they have no incentive because high prices and low supplies are what has made them wealthy.

No connection of any type is consistent between oil companies and alternate fuel companies.

There remains, however, the problem that any fuel can be made into foods or the land can be used for growing foods. Can goats eat the plant? What process can be used to convert Jatropha oil into edible food; If none, can one be invented. Almost any refinery can convert it to ethanol, and perhaps some could extract glycerol which are both foods. There may be some bacteria or fungus that will convert it to protein, as methanol was fed to make Pruteen. ..HG..

Reel$$

Any oil company not looking at sustainable fuels is risking eventual collapse. Liquid fuels from renewable resources will be preferred if not legislated in our drive to break fossil fuel addiction.

BP may not like jatropha. But they should pay attention to algae. Renewable jet fuel and diesel will become their primary markets for liquid fuel as electrification converts small transport systems to BEVs.

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