LONDON (dpa-AFX) - Oil and gas company BP Plc (BP) and Corteva Inc. (CTVA), a pure-play agriculture company, on Wednesday announced the launch of Etlas, a 50:50 joint venture focused on producing crop-based oils to make biofuels, including sustainable aviation fuel (SAF) and renewable diesel (RD).
Etlas aims to produce about 1 million metric tonnes of feedstock annually by the mid-2030s, enough to generate more than 800,000 tonnes of biofuel, with initial supply expected to begin in 2027.
The venture will use oil from crops including canola, mustard and sunflower, combining Corteva's expertise in seed technology with bp's fuel refining and marketing capabilities.
Ignacio Conti, global business development director at Corteva, will serve as Etlas' chief executive officer, while Gaurav Sonar, bp's vice president for novel feedstocks, will become chair of the board of directors.
Industry estimates indicate global demand for sustainable aviation fuel may increase to as much as 10 million tonnes by 2030 from about 1 million tonnes in 2024, while demand for renewable diesel could rise to around 35 million tonnes from approximately 17 million tonnes over the same period.
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