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BP launches new biofuel joint venture

BP has entered a joint venture partnership with Brazilian agricultural producer Bunge aimed at boosting the former's biofuel business nearly 50 percent.

According to BP, suger cane is one of the most CO2-friendly ways of producing bioethanol. This photo shows sugar cane fields at Piracicaba, 150 km northwest of Sao Poulo. | Photo: Alexandre Meneghini / AP / Ritzau Scanpix

In the future, BP Plc will produce large quantities of biofuel based on Brazilian sugar cane.

The company formerly named British Petroleum has now allied itself with Brazilian agricultural producer Bunge in a new joint venture slated to grow BP's combined biofuel business by 50 percent, reports BP in a statement.

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