BP said Wednesday that it has agreed to increase the company's share in Brazilian biofuel company Tropical BioEnergia to 100% by buying the remaining 50% of the company from joint venture partners for $71 million.
BP said it has plans to double the size of Tropical BioEnergia's operations to a capacity of five million tons of crushed cane, or 450 million liters of ethanol equivalent, a year.
This acquisition takes the number of ethanol producing mills in BP's Brazilian ethanol portfolio to three, all of which are located in the center-south states of Goiás and Minas Gerais.
>To contact the writer of this article, click here: Andrea Tse.
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