The “B” in BP could almost stand for “Brazil” as the energy giant announced today a buyout of its JV partners, Maeda S.A. Agroindustrial (now a subsidiary of Brasil EcoDiesel since December 2010) and LDC-SEV Bioenergia, S.A. (the world’s second largest sugar cane crusher, LDC-SEV is part of the Louis Dreyfus Commodities). The JV: Tropical Bioenergia S.A.
Here’s the deal’s history in a sentence or two:
Since 2008, BP acquired a 50% stake in the joint venture, which already existed between Maeda andLDC-SEV (then known as Santelisa Vale; in October 2009 Santelisa Vale merged with LDC Bionergia).The latter two partners each held 25%. According to the fact sheet outlining the original deal (PDF), the partners would invest 1 billion dollars in developing two ethanol operations which include agricultural assets (sugarcane plantations), refineries, and cogeneration plants.
Provided that the deal makes it through regulatory approval, BP will have sole ownership of a pair of mills that when fully operational are expected to annually
- crush 5 million tons of sugarcane
- produce 450 million liters (around 118 million gallons to you and me, Rusty)
- generate 250GWh of electricity for the grid.
BP will also refinance Tropical’s debt. Tropical Bioenergia SA is located in Edeia, Goias; BP other refineries are located Itumbria, Goias and Ituiutaba, Minas Gerais.
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