BP PLC's (BP.LN) plans to invest $1.5 billion in biofuels in 2011 but won't do so at the expense of food security in the countries where it does invest, Chief Executive Robert Dudley said Friday.

"It is our policy... We will not invest in biofuel, in corn-based ethanol, on lands used for food, it will be in the Brazilian grasslands" which are used specifically for fuel crops, Dudley told an audience at a business conference here.

This was echoed by Royal Dutch Shell PLC (RDSA.LN) Chairman Jorma Olila.

"The only investment in first generation biofuels we have okayed is in Brazil , where it will not interfere with the production of foodstuffs or affect the integrity of the rainforests," Olila said.

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