BP, one of the key players in Brazil's energy sector, has completed the acquisition of Bunge's 50% stake in their joint venture, BP Bunge Bioenergia S.A., which has been renamed BP Bioenergy. With this acquisition, BP becomes the sole owner of the large-scale sugarcane and ethanol business.

Andres Guevara de la Vega, president of BP in Brazil, emphasized that the acquisition aligns with the company's global strategy and highlighted the importance of biofuels for BP. "By taking full ownership of BP Bioenergy, we are scaling our bioenergy business to capitalize on Brazil's strategic position in biofuel production," says Guevara de la Vega.

Geovane Consul, president of BP Bioenergy, added, "Since the beginning of our operations, we have focused on driving operational and performance improvements."

The new business unit positions BP as a leader in industrial ethanol and sugar production in Brazil, with a daily production capacity of approximately 50,000 barrels of ethanol equivalent from sugarcane across 11 plants in five Brazilian states, and a crushing capacity of 32 million tons, supported by 9,000 employees. BP believes that this business also offers the potential to create more value and develop new bioenergy platforms, such as second-generation ethanol, sustainable aviation fuel (SAF), and biogas.

"Brazil has great opportunities to transition its energy system, thanks to its vast potential in renewable energy, particularly in bioenergy. This potential strengthens the value of BP Bioenergy for BP's strategy to become an integrated energy company," concludes Guevara de la Vega.

Cautionary Statement

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