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BP PLC on Thursday said it has agreed to buy Bunge’s 50% stake in the BP Bioenergia SA joint venture for $1.4 billion.
The London-based oil major said it will buy an interest in BP Bunge Bioenergia’s joint venture, one of Brazil‘s leading biofuels-producing companies.
Upon completion, BP will become the sole owner of the industrial scale sugarcane and ethanol business.
Following completion, BP will have the capacity to produce around 50,000 barrels a day of ethanol equivalent from sugarcane through bp Bunge Bioenergia’s 11 agro-industrial units across five Brazilian states.
‘BP believes ownership will also offer the potential to unlock further growth opportunities in the region, and to develop new platforms for bioenergy such as next generation ethanol, sustainable aviation fuel (SAF) and biogas,’ BP said.
The transaction is expected to close by the end of 2024.
Shares in BP closed up 0.9% to 470.40 pence each in London on Thursday.
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