BP Plc's BP Biofuels and Copersucar SA agreed to enter into a 50/50 joint venture to own and operate an ethanol storage terminal in Brazil.
Under the venture, BP Biofuels, part of BP's alternative energy business, and Copersucar will own and operate the Terminal Copersucar de Etanol in Paulínia, São Paulo. The terminal was previously solely owned by Copersucar.
Copersucar is a sugar and ethanol trader, with the largest sugar and ethanol storage capacity in Brazil. BP Biofuels is a producer of ethanol from sugarcane in Brazil, the company said.
The terminal has 10 tanks with a total storage capacity of 180 million liters of ethanol and moves about 2.3 billion liters per year.
Financial details of the transaction, which is subject to regulatory approvals, were not disclosed.
