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BP Expands Biofuel Business with Two Acquisitions

9:24 AM MDT | September 14, 2011 | Lindsey Bewley

BP says it will increase its share in Brazilian biofuel company Tropical BioEnergia to 100% by acquiring the remaining 50% of the company from its current joint venture partners for $71 million. BP's current jv partners in Tropical BioEnergia are Maeda S.A. Agroindustrial (Itumbiara, Brazil) and LDC-SEV Bioenergia S.A. (São Paulo); each holds a 25% stake in the jv. BP will become the owner and operator of Tropical BioEnergia’s producing ethanol mill, located at Edéia, Brazil.   BP intends to double capacity at the site to a capacity of 5...

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