Oil giant BP has pulled out of a green fuel joint venture in Hull.

It has sold its 47% stake in Vivergo Fuels to Associated British Foods (ABF), which is now the majority shareholder with 94% interest.

Vivergo was formed in 2007 as a joint venture between the two companies – which had equal shares – and DuPont to develop a bioethanol plant at Saltend.

The facility, officially opened in 2013, produces around 420 million litres of bioethanol and up to 500,000 tonnes of animal feed every year.

Mark Chesworth, Managing Director of Vivergo said: “Not only are we delivering huge environmental benefits, with our bioethanol offering greenhouse gas savings which are equivalent to taking 180,000 cars off the road but we’re also making a significant contribution to the local and national economy.

“We’ve already created 2,400 jobs directly and indirectly through our operations, many of which are in Yorkshire and Lincolnshire.”