Brazilian sugar can and grasses in the United States are the focus of BP's strategy to invest in biofuels at this time, said a senior executive of its global energy group.
Head of strategy at BP Biofuels, James Primrose, said the U.S. and Brazil markets are more conducive to success because of clear regulations and the incentives they offer to build out their biofuel business.
In contrast, Asia and Europe aren't nearly as clear, and have a lot of grey areas when it comes to the sector.
"In order to deliver on our plans, we have to focus on those markets first where there is the regulatory clarity and the cost-advantaged feed stocks," said Primrose.
In Brazil it's the low cost factor and quality of the sugar cane which is attractive to BP, while in the U.S., grasses which produce energy are what drives their strategy.
When BP acquired technology from Verenium, a partner in the U.S., it was for the purpose of using it for the development of cellulosic biofuels.
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