BP Increases Brazilian Biofuel Stakes

BP will spend $96m to increase its stakes in Brazilian biofuel producers Companhia Nacional de Acucar e Alcool (CNAA) and Tropical BioEnergia. The London-based oil and gas company agreed to pay $71m to buy the remainder of Tropical BioEnergia from joint venture partners Maeda Agroindustrial and LDC-SEV Bioenergia. It had originally held 50%. It has also agreed to pay $25m for an additional 3.0% of CNAA, bringing its position to 99.97%, following the purchase of a majority stake in April.