bp to scale back development of new SAF and renewable diesel projects at existing sites
bp is scaling back plans for new sustainable aviation fuel and renewable diesel projects, pausing two potential projects while assessing three others. However, the company is acquiring full ownership of its Brazilian joint venture bp Bunge Bioenergia, increasing its ethanol production volumes and offering growth opportunities in bioenergy, including next-generation ethanol, SAF, and biogas. The transaction is expected to close by year-end, subject to regulatory approvals. bp’s co-processing investment plans remain unchanged, aiming to double biofuel production to 20,000 barrels/day by 2025.
British multinational oil and gas company bp has announced it would be scaling back plans to develop new sustainable aviation fuel (SAF) and renewable diesel projects at existing sites.
In a statement on its website on 20 June, the company said it was pausing plans for two potential projects while continuing to assess three for progression.
Meanwhile, bp said it had agreed to take full ownership of its Brazilian joint venture bp Bunge Bioenergia, acquiring global agribusiness giant Bunge’s 50% share of the industrial-scale sugarcane and ethanol company.
The transaction was expected to close by the end of this year, subject to regulatory approvals.
As well as increasing the company’s production volumes of ethanol, bp said full ownership would also offer the potential for further growth opportunities in the region, with the chance to develop new platforms for bioenergy such as next generation ethanol, SAF and biogas.
Speaking about the developments in Brazil, Emma Delaney, bp’s executive vice president, customers and products, said the company had been an early entrant into the bioenergy business in Brazil and was looking forward to continuing to grow and develop there.
bp said its co-processing investment plans remained unchanged and it expected to more than double its biofuel production co-processing volumes to 20,000 barrels/day (bpd) by 2025.
Source Link : https://www.ofimagazine.com/news/bp-to-scale-back-development-of-new-saf-and-renewable-diesel-projects-at-existing-sites
Recommended for you
