SAN FRANCISCO (MarketWatch) -- BP PLC BP +0.24% has canceled plans to build an ethanol plant in Central Florida's Highlands county, the UK-based oil company said Thursday. The company will redeploy "considerable capital" required to build the plant into "more attractive" projects, it said in a press release.

BP announced plans to build the Florida plant in 2008, aiming at 36 million gallons per year of cellulosic ethanol and construction of a facility costing between $250 million and $350 million. The company said it continues to invest and operate in a research facility in San Diego, and a demonstration plant in Louisiana. BP shares declined 0.2% in the New York Stock

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