BP gobbles up Brazilian ethanol

UPI.com
Published: Sept. 15, 2011 at 8:48 AM

LONDON, Sept. 15 (UPI) -- The $71 million acquisition of a Brazilian biofuel company is a milestone for BP's efforts to expand its footprint in the industry, an official said.

The British company said it aims to double operations at Tropical BioEnergia to around 118 million gallons of ethanol equivalent per year for Brazilian and international markets.

"This is another significant milestone in BP's global biofuel strategy as we expand our operations base and demonstrate our genuine commitment to Brazil's ethanol industry, which can deliver sustainable and competitive biofuels into the global market," BP Biofuels Vice President Philip New said in a statement.

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