BP to Invest $500 Million on Biofuels at a Research Center

In one of the largest research grants by an oil company, BP is planning to spend $500 million over the next 10 years to finance major work on biofuels to find "longer-term commercial alternatives to oil and gas."

The energy giant is in talks with several universities in the United States or Britain as possible sites for the research center but says it has not yet picked a partner. BP aims to begin research at the center, called the BP Energy Biosciences Institute, by the end of 2007.

By JAD MOUAWAD

Full Story: http://www.nytimes.com/2006/06/14/business/14biofuels.html?_r=1&oref=slogin