BP Plans to Invest $560m in Biofuels

Everyday someone warns about the dangers of oil sands, so what does BP do? It invests in oil sands? Every day someone else warns of the dangers of biolfuels, so what does BP do? Invest in biofuels…
BP has announced plans to invest $560m in biofuels, arguing that its proposals to develop ethanol production from sugar cane in Brazil would not affect food supplies.
The oil group plans to spend $60m buying a 50 per cent stake in a Brazilian joint venture and invest a further $500m in two ethanol refineries. BP argued that Brazilian ethanol fitted with its strategy of investing in “sustainable feedstocks that do not impact on food supplies”.
Not quite sure how they can square that one…