BP Inks Deal With Virent And JM For Bioforming Technology
Zacks Investment Research | Mar 05, 2019 07:45AM ET
BP plc (LON:BP) (NYSE:BP) has inked an agreement with Virent Inc. and Johnson Matthey (LON:JMAT) (“JM”), which is related to progress of the commercialization of Virent’s Bioforming process for production of bio-paraxylene (PX).
Bio-paraxylene is a vital raw material used for the production of renewable polyester. Virent’s Bioforming technology, which is being developed in collaboration with JM, generates drop-in reformate product from renewable sources that can be used to yield renewable fuels and can also be processed into lower carbon intensive bio-PX, the feedstock for bio-purified terephthalic acid (PTA), using existing technologies.
Per the agreement, the parties will work together to commercialize the BioForming technology. BP will offer technical resources and will have exclusive rights to discussas it will be the sole manufacturer of bio-PX using Virent’s technology.
Renewable bio-PX will enable BP’s existing petrochemicals plants to produce a distinctive product in line with commitment toward a low carbon future. In the petrochemicals business PTAir product line, a low carbon PTA product has also been introduced.
BP believes in low carbon emission and is working toward making the environment cleaner. The company has partnered with various parties to make operations more environment friendly.
BP also tries to create value over the long-term by finding ways to grow inorganically. For example, BP’s transaction in the Norwegian North Sea to form AkerBP as well as the merger of BP and Bridas assets to create Argentina’s largest private integrated oil and gas company — Pan American Energy Group or PAEG — emphasize the company’s commitment to boost shareholders’ value.
Zacks Rank & Key Picks
BP carries a Zacks Rank #3 (Hold).
Investors interested in the energy sector can opt for some better-ranked stocks as given below.
CrossAmerica Partners L.P. (NYSE:CAPL) is involved in the wholesale distribution of motor fuels, comprising gasoline and diesel fuel. The company delivered average positive earnings surprise of 436.7% in the last four quarters. The company currently sports a Zacks Rank #1 (Strong Buy). You can see Zacks Investment Research
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.