U.S. commodities trader Bunge Ltd and British energy company BP Plc said on Monday they will merge their Brazilian sugar and ethanol operations ...
SAO PAULO: U.S. commodities trader Bunge Ltd and British energy company BP Plc said on Monday they will merge their Brazilian sugar and ethanol operations to create the world's third-largest sugarcane processor.
"Brazil is the Saudi Arabia of biofuel," BP's head of Alternative Energy, Dev Sanyal, told Reuters. He added that the new venture was cash-flow positive. Bunge sold its sugar trading business to Wilmar International Ltd in August. Its bioenergy unit posted losses in five of the past six quarters and the company forecast results for the unit would be roughly break-even in 2019.
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