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
LinkedIn Twitter FacebookPackaging and paper group Mondi Plc. said Tuesday that Andrew King, Group Chief Financial Officer and a director of the company, will be appointed as Group Chief Executive […]
LinkedIn Twitter FacebookDuPont said today that executive chairman Edward Breen would return to the CEO role as it removed CEO Mark Doyle and CFO Jeanmarie Desmond from their positions. Lori […]
LinkedIn Twitter FacebookBP’s new chief executive has set an ambitious target to shrink the oil firm’s carbon footprint to net zero by 2050 by cutting more greenhouse gas emissions every […]