BP has sold its 47 per cent stake in Vivergo Fuels to Associated British Foods (ABF).
ABF, which owns British Sugar, as well as a portfolio including clothes retailer Primark, now owns a 94 per cent stake in the bioethanol plant.
Mark Chesworth, managing director of Vivergo said: "With our shareholders’ support, we have steadily ramped up production and are now operating at full capacity, producing enough bioethanol to meet around half of the UK’s current demand as well as a protein rich animal feed for approximately 20 per cent of UK dairy cows.
“We are extremely appreciative of the support and commitment shown to the Vivergo business and team from BP over the past nine years."
Vivergo was formed as a joint-venture between ABF and BP in 2007, who originally owned equal shares, as well ad DuPont, with the aim to build a global-scale wheat-fed bioethanol plant based in Saltend, Hull.
The plant is currently operating at full capacity, taking 1.1 million tonnes of local feed wheat to produce 420m litres of bioethanol annually and 500,000 tonnes of protein-rich animal feed.
Mark Carr, from AB Sugar, ABF’s dugar division, said with EU member states increasing renewable fuels inclusion in transport fuels, the plant an an attractive medium-term outlook