BP to Spend $350 Million to Expand Brazil Ethanol Project
This article is for subscribers only.
BP Plc, the second-biggest European oil company, will spend $350 million to double the capacity of its Tropical ethanol project in Brazil as other producers hold off on investments.
The company will develop 35,000 hectares (86,487 acres) of plantations and a new mill capable of crushing 2.5 million tons of sugar cane a year into sugar and ethanol at the site in Edeia, Mario Lindenhayn, chief executive officer of London-based BP’s Brazil biofuel unit, said today in a phone interview.