BP Takes 50% Stake in Brazilian Biofuels JV

BP says it will acquire a 50% stake in Tropical BioEnergia, a jv between Santelisa Vale Bioenergia (Sertaozinho, Brazil) and Maeda Group (Goiás, Brazil), for approximately Rs100 million ($59.8 million). The jv plans to invest about $1 billion to construct two biorefineries to produce ethanol from sugarcane. The first facility, to be located at Edéia, Brazil, will produce 115 million gal/year of ethanol. The jv expects operations at the first biorefinery to begin during the second half of this year, with full capacity operational by mid-2010. Details...

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