RIO DE JANEIRO, BRAZIL - U.S. commodities trader Bunge, a leader in agriculture, food and ingredients, and British energy company BP have agreed to form a 50:50 joint venture that will create a leading bioenergy company in Brazil, one of the world’s largest fastgrowing markets for biofuels.

“Brazil is the Saudi Arabia of biofuel,” BP’s head of Alternative Energy, Dev Sanyal, told Reuters.

BP’s interest in the new venture will swell its existing biofuels business by more than 50 percent. The new company is expected to be headquartered in São Paulo.

Bunge will receive cash . . .

To read the full NEWS and much more, Subscribe to our Premium Membership Plan. Already Subscribed? Login Here