bp completes acquisition of bp Bunge Bioenergia, renames it bp bioenergy

bp, a major player in the global energy market, has completed its acquisition of Bunge’s 50% stake in bp Bunge Bioenergia, a joint venture established between the two companies. Following the acquisition, the entity has been renamed bp Bioenergy, marking bp’s full ownership of one of Brazil’s leading biofuel producers.

The acquisition is in line with bp’s global strategy to scale its bioenergy operations, particularly in Brazil, which is a key player in the biofuels market. “By taking full ownership of bp Bioenergy, we are scaling our bioenergy business to help us take advantage of Brazil’s strategic position in biofuels production,” said Andres Guevara de la Vega, president of bp in Brazil.

bp Bioenergy operates 11 sugarcane processing plants across five Brazilian states, with the capacity to produce 50,000 barrels of ethanol equivalent per day. The business also boasts a crushing capacity of 32 million tons of sugarcane annually and employs more than 9,000 people.

The company’s CEO, Geovane Consul, emphasised the strategic significance of the acquisition, noting that bp Bioenergy is now positioned to capitalise on Brazil’s potential in renewable energy. The business plans to expand into emerging bioenergy platforms, including second-generation ethanol, sustainable aviation fuel (SAF), and biogas.

“Brazil has great opportunities to transition its energy system thanks to its vast potential in renewable energies, especially in the bioenergy sector. This acquisition reinforces the value of bp Bioenergy for the company’s strategy of becoming an integrated energy company,” added Guevara de la Vega.