BP is selling its last remaining UK oil refinery - Coryton, in Essex - so it can invest more in its other European refineries so they remain "top class assets".
The refinery processes 172,000 barrels a day and BP chief executive John Manzoni described it as a "well-placed and profitable refinery with excellent development potential". The complex is being sold as a going concern so there is not expected to be any impact on jobs.
The announcement followed the news that BP has joined forces with DuPont to develop, produce and create a next generation of biofuels. The two companies have been working together since 2003 to develop advanced biofuels that can help overcome current limitations. That work has progessed to the point where they say they are able to bring the first jointly-developed product to market. This will be biobutanol, which will be introduced into the UK next year as a gasoline bio-component. BP and DuPont are working with British Sugar to convert the country’s first ethanol fermentation facility to produce biobutanol.