A joint venture has been announced between BP Biofuel and Copersucar in order to own and operate an ethanol storage facility in Brazil.
As Brazil’s leading sugar and ethanol trader Copersucar hold the country’s largest sugar and ethanol storage capacity.
Through its own BP Biofuels arm, part of BP Alternative Energy, the British firm have a significant stake in producing ethanol from sugarcane.
The 50/50 joint venture will see BP take an equal share in the Terminal Copersucar de Etanol in Paulínia in the state of São Paulo, which is currently solely owned by Copersucar.
Dev Sanyal, BP’s CEO Alternative Energy, said: “BP is committed to the dual mission of delivering the energy that the world needs while advancing the low carbon world that we all want. We believe that biofuels offers one of the best large-scale solutions for decarbonising the transport sector and demand will continue to grow for decades to come. Brazil is one of the largest markets globally for ethanol as a fuel and this collaboration with Copersucar enables us to extend and expand our existing value chain to meet its growing demand.”
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