BP to fully acquire key Brazil biofuels player

BRASíLIA, June 20, 2024 – BP has agreed to take full ownership of its Brazilian biofuels joint venture, acquiring Bunge’s 50% interest, the energy giant said on Thursday.

bp Bunge Bioenergia is among Brazil’s leading biofuels-producing companies.

The company’s 11 agro-industrial units produce 50,000 barrels per day of ethanol equivalent from sugarcane across five Brazilian states.

The enterprise value of the stake to be acquired by BP is approximately USD 1.4 billion.

With full ownership of the company, BP expects to pursue developments such as next generation ethanol, sustainable aviation fuel and biogas.

“We are pleased with the way the business is operating and the great work the team has done to become a leader in sugar and bioenergy since we created this joint venture with BP,” Bunge CEO Greg Heckman said.

“However, this business is not core to Bunge’s long-term strategy and this transaction will allow us to focus and invest in our core businesses while also further strengthening our balance sheet. BP has been a valued partner to Bunge, and we wish them and the team continued success.”

Photo courtesy of BP.

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