BP expands biofuels business in Brazil

摘要

BP has agreed to acquire majority control of the Brazilian ethanol and sugar producer Companhia Nacional de Aqucar e Alcool (CNAA). When CNAA's assets are fully developed, this is expected to increase BP's overall Brazilian production capacity to around 1.4bn litres of ethanol equivalent per year (or some 9mn barrels). BP has agreed to pay approximately $680mn to acquire 83% of the shares of CNAA and to refinance 100% of CNAA's existing long-term debt.