BP to Take Control of Brazilian Biofuels JV in $1.4 Billion Deal

BP BP 0.21%increase; green up pointing triangle is taking full control of its Brazilian biofuels joint venture, BP Bunge Bioenergia, with the acquisition of its partner’s 50% shareholding valued at $1.4 billion, as part of its plan to focus on new biofuels projects.

The oil major said Thursday that upon completion of the deal it will have 50,000 barrels a day of ethanol equivalent from sugarcane through BP Bunge Bioenergia’s 11 agro-industrial units across five Brazilian states.

Source: WSJ