News International Sugar Journal

BP acquires Brazilian sugar/ethanol production companies Tropical Bioenergia S.A. and CNAA [Registered]

BP announced today that will be the sole owner of Tropical BioEnergia S.A. and Companhia Nacional de Açúcar e Álcool (CNAA). The acquisitions involved buying out joint venture partners (Maeda S.A. Agroindustrial (25%) and LDC-SEV Bioenergia S.A. (25%)) to the tune of approximately US$71 million and securing additional 3% stake at the cost of approximately $25 million in CNAA to bring its shareholding to 99.97%. BP intends to double the size of the ethanol production operations at Tropical BioEnergia located in Edéia, Goiás state to a capacity of five million tonnes of crushed cane, or 450 million litres of ethanol…

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