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BP Buys Into Brazilian Ethanol Venture
By Mr Ethanol | April 25, 2008
Times Online:
BP is moving into the plantation business, taking a half share in a billion-dollar venture to produce ethanol from Brazilian sugar cane.
The British oil multinational is joining forces with two Brazilian agribusinesses, Santelisa Vale and Maeda Group, investing more than $560 million (£284 million) in Tropical Bioenergia, a joint venture company that will farm sugar cane and refine the sugar into ethanol, a biofuel in high demand in the US as an additive to petrol.
BP is paying its partners $60 million for a 50 per cent stake in Tropical Bioenergia, which is building an ethanol refinery in Goias state, northwest of São Paolo, due to come on stream in the summer. A second ethanol plant is also planned, which will raise capacity to almost 1 billion litres of ethanol by the middle of 2010. The two refineries will cost the joint venture about $1 billion.
Phil New, head of BP Biofuels, said the joint venture would produce its own sugar cane. “We will produce 80 per cent of our feedstock from land leased by the joint venture.” Read more.
Topics: Brazil, Ethanol, Industry, News |
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New Way Of Making Easy Money Online
May 2nd, 2008 at 1:11 am
Sadly, the BP-Brazil deal underscores that the U.S. consumer continues to be held hostage–if not by oil members of OPEC, then by U.S. ethanol producers, backed by corn & sugar lobbies, who gorge us with their bullsh*t that corn is preferred feedstock over sugar cane or grasses [for their own egoistic reasons]!
http://industry.bnet.com/energy/2008/05/01/bp-makes-brazilian-play-for-ethanol/
Best-
David J Phillips
Energy Columnist, BNET