The company becomes sole owner of the company, which operates an industrial-scale sugarcane and ethanol business in Brazil and is renamed BP Bioenergy
RIVER – A BPa UK based company operating in energy in Brazil, concluded the acquisition of Bunge’s 50% stake in its joint venture BP Bunge Bioenergia SA, a leading producer of biofuels of the country, which was renamed BP Bioenergy.
With the completion of the acquisition, BP becomes the sole owner of the industrial-scale sugarcane and ethanol businesses.
“By taking full ownership of BP Bioenergy, we are expanding our bioenergy business to help us capitalize on Brazil’s strategic positioning in biofuel production,” BP Brazil President Andreas Guevara de la Vega said in a statement , underlining that the acquisition is in line with the company’s global strategy.
The new business unit makes BP one of the leaders in industrial ethanol and sugar production in the country, with the capacity to produce approximately 50,000 barrels of ethanol equivalent per day from sugar cane through 11 plants in five states and a milling capacity of 32 million tons, to which 9 thousand workers are added.
The company said it believes this deal will also offer the potential to generate more value and develop new bioenergy platforms, such as second-generation ethanol, sustainable aviation fuel (SAF) and biogas.
“Brazil has great opportunities for the transition of its energy system, thanks to its vast potential in renewable energy, especially in the bioenergy sector. This potential reinforces the value of BP Bioenergy in the company’s strategy to become an integrated energy company” , concluded Guevara de la Vega.
Source: Terra
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