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Investing.com -- BP (NYSE:BP) Plc has put a pause on its plans to expand biofuels production at its Castellon oil refinery in Spain, Bloomberg reported on Tuesday, citing a source who wished to remain anonymous.
This move was part of a $2.2 billion decarbonization initiative at the site, which was initially outlined in 2023, the report said.
The decision to halt the biofuels investment was triggered by slower-than-anticipated growth in the biofuels market, the report said, adding that as part of a strategic reset, BP is reducing its investment in low-carbon energy, primarily due to pressure from investors.
The report also added that despite the pause in Spain, BP continues to consider an expansion of biofuels in Rotterdam. The decision regarding the financial investment in the Rotterdam plant is expected to be made by 2027, according to the same source.
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