BP has struck a deal with U.S. agri-commodities company Bunge to form a bioenergy powerhouse in Brazil.
The transaction will create a 50-50 joint venture combining BP and Bunge’s biofuels businesses in the fast-growing Brazilian market.
The combination of assets and experience creates value through scale and efficiency and positions the new business for growth in biofuels and biopower.
BP Bunge Bioenergia will have 11 biofuels sites and the production capacity of 32 million metric tonnes of sugarcane a year, making it the second-largest player in the sugarcane ethanol biofuel industry in Brazil.
BP’s existing biofuels CEO and head of country for Brazil, Mario Lindenhayn, will become the executive chairman for the new joint venture , in addition to retaining head of country accountabilities. The JV CEO will be Geovane Consul, the current head of Bunge’s Brazilian biofuels business. Marcus Schlosser, currently CFO for BP Biofuels, will be appointed CF
