BP expects biofuels to replace 25% of gasoline in U.S.

2009-09-15 08:01:39  

    HOUSTON, Sept. 14 (Xinhua) --

World oil giant BP expects bio fuels to become a larger part of the U.S. motor fuel market, probably displacing 25 percent of gasoline in the U.S. in the next two decades, the head of BP's alternative energy unit said.

    "Diesel use is growing in the U.S., following the trend set by Europe, and bio diesel is expected to provide around 8 percent of the fuel for diesel-powered engines by 2030," Katrina Landis, chief executive officer of BP's Alternative Energy, said in a speech posted Monday on the company's website.

    However, during the same period, bio fuels are expected to take the place of about 25 percent of the U.S. gasoline market, Landis said in the speech delivered recently at the Offshore Europe Conference.

    U.S. production of bio fuels is expected to grow more than fourfold to 2.3 million barrels per day in 2030 from less than 500,000 barrels a day in 2007, according to Landis.

    BP, the largest oil and gas company in North America, expects bio fuels to account for 11 to 19 percent of the world's transport-fuel market by 2030.

    The company supplied about 10 percent of global bio fuels last year, reports said.