BP, Santelisa Vale, and Maeda Unveil Plans to Invest R$1.66 Billion in Biofuels

24.04.08 - 18:30 ... source : BP

... Release date: 24 April 2008 BP announced today that it intends to take a 50 per cent stake in Tropical BioEnergia SABP announced today that it intends to take a 50 per cent stake in Tropical BioEnergia SA, a joint venture established by Brazilian companies Santelisa Vale and Maeda Group, which is constructing a 435 million liter (115 million gallons) a year ethanol refinery in Edéia, Goias State, Brazil. The joint venture, in which Santelisa Vale and Maeda Group would each hold 25 per cent, also intends to progress plans to build a second ethanol refinery, investing a total of approximately R$1.66 billion (US$1 billion) in the two refineries. Assuming all the required approvals are received, BP will pay around R$100 million (US$59.8 million) for the 50 per cent stake, subject to working capital adjustments, and provide funding for agreed future investment in line with its shareholding. The partie ...» Next (HTML)