BP evaluating sale of its Brazilian biofuels business - Bloomberg (BP:NYSE)

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BP evaluates alternatives to the biofuel business in Brazil, including a sale, while CEO Meg O-Neill accelerates efforts to reformulate the energy giant's portfolio and focus capital on major businesses, according to people on the subject. BP took control of the business in 2024 by acquiring a 50% stake in $1.4 billion, including debt. The company ceased to consider the business essential for the future strategy, people said. Discussions about a…

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BP is assessing the possibility of selling Bunge Global, a biofuel firm located in Brazil, as part of a broader process of reconfiguration of the British oil company’s portfolio to focus on its main hydrocarbon operations. As reported by ‘Bloomberg’ citing well-known sources of the matter, the multinational has stopped considering these issues [...] The BP entry studies the sale of the Brazilian biofuel company Bunge Global to focus on hydrocarb…