BP PLC has announced its agreement to acquire Bunge's 50% interest in the Brazilian biofuels joint venture, BP Bunge Bioenergia S.A. This acquisition will make BP the sole owner of the industrial-scale sugarcane and ethanol business, allowing the company to integrate it with its trading and technology capabilities. The move is expected to accelerate value creation and enable the realization of synergies, contributing to the delivery of the bioenergy transition growth engine target of approximately $2 billion EBITDA by 2025.

In parallel, BP is scaling back its plans for the development of new biofuels projects. The company will pause two projects while continuing to assess three others. These changes are part of BP's strategy to refocus its biofuels portfolio and prioritize high-returning opportunities. The decision aligns with the company's goal to optimize its bioenergy business and enhance its overall growth prospects.

This strategic shift reflects BP's commitment to leveraging its strengths and resources effectively in the bioenergy sector. By consolidating its ownership of BP Bunge Bioenergia and reevaluating its biofuels project portfolio, BP aims to position itself for sustainable growth and value creation in the evolving bioenergy market.