Brazilian antitrust regulator Cade has approved a joint venture (JV) between BP Biofuels and Copersucar SA, according to an announcement in the country’s official journal on Thursday.
BP Biofuels, part of oil major BP plc (LON:BP), and Copersucar, the Brazilian sugar and ethanol trader, in November announced a deal to create a 50/50 JV to own and operate an ethanol storage terminal in Brazil.
The terminal, in operation since September 2014, is located in Paulinia in the state of Sao Paulo and was until now solely owned by Copersucar. It has 10 tanks with storage capacity of 180 million litres (47.6 million gallons) of ethanol and can move around 2.3 billion litres annually.
BP Biofuels said in November the JV will allow it to expand its commercial presence in Brazil, while Copersucar said the partnership will optimise ethanol logistics.