BP concludes acquisition of Brazil CNAA

BP PLC concluded the acquisition of an 83% stake of Brazilian bioethanol producer Companhia Nacional de Acucar e Alcool, or CNAA for US$680 million. Details of the acquisition were announced in March. The acquisition, which is the largest yet by BP Alternative Energy, is expected to increase BP’s overall Brazilian biofuel production capacity to around 1.4 billion liters of ethanol equivalent per year, from 435 million liters at present. With CNAA’s acquisition, BP will become the operator of two producing ethanol mills, located in Goias and Minas Gerais states. A third CNAA mill is currently under development in Minas Gerais state. (April 28,2011)