ST. GALLEN, Switzerland (MarketWatch) — BP PLC’s (BP.LN) plans to invest $1.5 billion in biofuels in 2011 but won’t do so at the expense of food security in the countries where it does invest, Chief Executive Robert Dudley said Friday.
“It is our policy…We will not invest in biofuel, in corn-based ethanol, on lands used for food, it will be in the Brazilian grasslands” which are used specifically for fuel crops, Dudley told an audience at a business conference here.
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