BP, Santelisa Vale, and Maeda Unveil Plans to Invest R$1.66 Billion in Biofuels
BP announced that it intends to take a 50 per cent stake in Tropical BioEnergia SA, a joint venture established by Brazilian companies Santelisa Vale and Maeda Group, which is constructing a 435 million liter (115 million gallons) a year ethanol refinery in Edéia, Goias State, Brazil.
The joint venture, in which Santelisa Vale and Maeda Group would each hold 25 per cent, also intends to progress plans to build a second ethanol refinery, investing a total of approximately R$1.66 billion (US$1 billion) in the two refineries.
Assuming all the required approvals are received, BP will pay around R$100 million (US$59.8 million) for the 50 per cent stake, subject to working capital adjustments, and provide funding for agreed future investment in line with its shareholding. The parties said that they hoped to be able to complete the transaction before the end of June 2008.
"This investment, which is the largest made by an international oil company in the Brazilian ethanol industry represents a significant step in delivering BP's strategy for biofuels which centres around sustainable feedstocks which do not impact on food supplies and investing in research work to develop the technologies required to produce advanced biofuels," commented Phil New, head of BP Biofuels. "BP is delighted to be partnering with two Brazilian companies with leading positions in their sectors and we look forward to a long relationship with them."
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