Commodity Online
Published on 2011-03-15 11:20:00
BP announced it would be able to produce 9 million barrels of ethanol per year with the acquisition of production facilities in Brazil.BP said it agreed to pay $680 million for an 83 percent stake in Brazilian ethanol and sugar producer Companhia Nacional de Acucar e Alcool and to refinance the company's long-term debt.
BP Chairman Carl-Henric Svanberg said the acquisition fits his company's strategy of expanding its low-carbon portfolio. "Low-carbon energy will play an increasingly significant role in meeting world energy demand," he said in a statement. "BP is committed to producing biofuels to help meet this demand."
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