BP invests in biofuels

BP has agreed to form a joint venture with American agribusiness and food company Bunge to create a bioenergy company.

BP Bunge Bioenergia will combine BP’s Brazilian biofuels and biopower businesses with that of Bunge to create an integrated sugarcane ethanol producer. BP’s interest in the new venture will grow its existing biofuels business by more than half.

Bob Dudley, BP group chief executive, said: “This is another large-scale example of BP’s commitment to play a leading role in a rapid transition to a low carbon future. Biofuels will be an essential part of delivering the energy transition and Brazil is leading the way in showing how they can be used at scale, reducing emissions from transport. This combination will unlock new possibilities for improved efficiency and future growth in this key market."

    Share Story:

Recent Stories