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UPDATE 1-D1 Oils says fundraising uncertain for JV with BP

Thu Jun 4, 2009 3:46am EDT

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* Says JV to have no carrying value in D1's '08 results * Says talks with BP may lead to restructuring of JV

(Adds details)

June 4 (Reuters) - British biofuels technology company D1 Oils Plc (DOO.L) said on Thursday it was uncertain about the outcome of an effort to raise funds by marketing a substantial share in its joint venture with BP Plc (BP.L).

The company said it expected that the joint venture -- to develop a non-edible crop, jatropha, as a biofuels feedstock -- would therefore have no carrying value for accounting purposes in D1's results for the year ended Dec. 31, 2008.

D1 Oils said it was entering discussions with BP that might result in the restructuring of the 50-50 joint venture.

In February, the partners had agreed to market a substantial share in the D1-BP Fuel Crops joint venture, which was announced in June 2007, to third parties to help fund further growth and development of the business.

D1 Oils shares closed at 11.25 pence on Wednesday on the London Stock Exchange. (Reporting by Tresa Sherin Morera in Bangalore; Editing by Anne Pallivathuckal)



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