BP, Santelis Vale, and Maeda to Invest in Brazil Biofuels Refinery

Energy major BP will take a 50% stake in Tropical BioEnergia SA (www .tropicalbioenergia.com.br), a 155-million gal/yr ethanol refinery being constructed in Edéia, Goias State, Brazil, by the Brazilian companies Santelisa Vale and Maeda Group. The joint venture, in which the Brazilian companies would each hold 25%, includes plans for a second ethanol refinery. Total investment is estimated at $1 billion. Once approved by stakeholders, BP will pay approximately $59.8 million for its share, and provide funding for future investment. The transaction is expected to be complete this month.

BP's investment - the largest made by ...

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