BP Buys Brazilian Ethanol and Sugar Producer, Expands Biofuels Business

摘要

BP has agreed to pay $680 million to acquire 83% of the shares of Companhia Nacional de Acucar e Alcool (CNAA; Sao Paulo) from Acucar e Alcool Fundo de Investimento em Participacoes and Acucar e Alcool II Fundo de Investimento em Participacoes, and to refinance 100% of CNAA's existing long term debt. CNAA is a producer of ethanol and sugar and when its assets are fully developed, it will increase BP's overall production capacity in Brazil to about 1.4 billion liters/year of ethanol equivalent.