Bunge (New York, NY), a leading producer and supplier of oilseed and grain products and ingredients, announced a partnership with BP plc (London, UK), the world’s sixth-largest oil and gas production and distribution company, to form a 50-50 ethanol joint venture in the north and Midwest regions of Brazil.
The net proceeds Bunge will gain from the transaction will be used to reduce the company’s credit facilities debt.
The joint venture, called BP Bunge Bioenergia, will consist of 11 mills with 32 million metric tons of combined crushing capacity per year to produce a mix of ethanol and sugar. The bioenergy company will also generate renewable electricity, fueled by waste biomass from the sugar cane, through its cogeneration facilities to power its sites and sell electricity to the Brazilian power grid. The venture is to be headquartered in Sao Paolo. Mario Lindenhayn (BP) will be the executive chairman and Geovane Consul (Bunge) will be the CEO of the new company. BP and Bunge will have equal representation on the board of directors.
By Akshita Bhatia
Source: Chemical Week
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