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BP and Bunge jointly form biofuels company Recently, BP said it has formed a joint venture
with agricultural company
Bunge.
BP said the new company produces biofuels from sugar cane in Brazil and has 11 biofuel plants
in five Brazilian states.
The joint venture can produce more than 1.
5 billion liters of ethanol per year, providing 1,200 GWh of electricity
to Brazil.
BP Biofuels CEO Mario Lindenhayn has become executive chairman of
the new joint venture.
Both companies have the same seats
on the board.