BP to expand sugarcane crushing capacity in Brazil's Tocantins
Aug 8 (Reuters) -BP Bunge Bioenergia, the Brazilian bioenergy venture controlled by BP Plc BP.L, will invest 530 million reais ($94.49 million) to expand sugarcane crushing capacity at its Pedro Afonso plant in the state of Tocantins, it said late on Wednesday.
The Pedro Afonso mill is one of 11 that BP manages in five Brazilian states. The plant capacity will increase by 800,000 metric tons to 3.4 million tons of sugarcane crushing per crop.
BP said expansion works in Tocantins will start in October, with completion planned for July 2026. Upon conclusion of the project, the company's total cane crushing capacity in Brazil will rise to 33.2 million tons per crop, which puts the firm among the three largest in the country.
BP reached an agreement with Bunge Global SA BG.N in June to buy Bunge's 50% share of the venture. Financial details of the deal, one of the largest ever in the Brazilian sugar and ethanol industry, were not disclosed.
The company said after the deal that it plans a forey into second generation ethanol, the type made out of cane waste, while also evaluating production of sustainable aviation fuel (SAF).
BP Bunge Bionergia also released results from its 2023/24 crop in Brazil, saying total revenues increased 7% year-on-year to 8.4 billion reais.
As part of the expansion plan in Tocantins, the company said it will plant 6,000 more hectares with sugarcane, and that a big part of that will be irrigated.
The Pedro Afonso mill, which does not produce sugar but only ethanol and electricity, will have its capacity to make the biofuel increased to 280 million liters per crop from 200 million liters currently.
($1 = 5.6091 reais)
Reporting by Marcelo Teixeira; Editing by David Gregorio
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