bp acquires stake in British bio-Liquified Natural company

bp acquired a 28.57 percent stake in the United Kingdom’s largest dual provider of bio-Liquified Natural, Gasrec which provides Gas (LNG) and bio-Compressed Natural Gas (CNG) to road transport. 

The company said that the investment “will expand bp’s UK footprint in renewable gas production and distribution, adding to its market leading position in the US.”

“Bio-LNG and bio-CNG play a crucial role in the energy transition and decarbonization of the heavy-freight industry and is another example of how we’re helping decarbonize hard-to-abate sectors,” said Carol Howle, EVP Trading and Shipping at bp.

bp said it will supply Gasrec with renewable biomethane produced mainly from organic wastes, such as food and dairy manure. 

Gasrec which was founded in 2003  builds, owns and operates biomethane refueling stations, providing renewable solutions to the heavy goods vehicle (“HGV”) industry.

The company has a network of ten biomethane refueling stations across the UK which makes it capable of refueling approximately 1,250 vehicles per day. Nonetheless, it includes one of Europe’s largest gas refueling stations, at Daventry International Rail Freight Terminal (DIRFT).

Road transport in the UK is responsible for 27 percent of total greenhouse gas emissions in 2019.