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Copersucar partners with BP on ethanol complex in Brazil

December 05/2017

MOSCOW (MRC) -- Brazilís Copersucar, one of the worldís largest ethanol merchants, and BPís Brazil unit said on Thursday they will form a 50-50 logistics JV in the country, reported Reuters.

The venture will operate Copersucarís recently built ethanol storage complex in the Brazilian city of Paulinia, the countryís largest fuels hub.

The announcement comes two days after Brazilís lower house of Congress passed legislation proposing to increase the use of biofuels in the country while fuel sales start to recover from a two-year recession.

Copersucarís Paulinia ethanol complex has capacity to move 2.3 B liters of the fuel per year and is able to store 180 MM liters at its ten tanks, the companies said in a statement.

"This partnership will allow BP to sharply increase its commercial presence in Brazil," Mario Lindenhayn, country head for BP, said in the statement.

Copersucar did not disclose financial details of the deal, which is subject to approval by regulators.

As MRC wrote previously, in May 2017, BP announced that it had agreed to sell its 50% stake in the Shanghai SECCO Petrochemical Company Limited (SECCO) to Gaoqiao Petrochemical Co Ltd, a 100% subsidiary of China Petroleum & Chemical Corporation (Sinopec), BPís joint venture partner, for a total consideration of USD1.68 bln.

BP is a leading producer of oil and gas and produces enough energy annually to light nearly the entire country for a year. Employing about 17,000 people across the country, BP supports more than 170,000 additional jobs through all of its business activities.


mrcplast.com
Author:Margaret Volkova
Tags:crude and gaz condensate, petrochemistry, BP Plc, Shanghai SECCO Petrochemical, Brazil, China.
Category:General News
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