BP evaluates selling its ethanol and sugar business in Brazil

BP is considering the sale of its sugar and ethanol business in Brazil, known as BP Bioenergy, as part of a broader strategic shift to refocus on its core oil and gas operations. According to reports citing Bloomberg, the company is in the early stages of discussions and has not yet reached a final decision.

BP took full ownership of BP Bioenergy in 2024 after acquiring Bunge’s 50% stake for $1.4 billion. While the company previously viewed bioenergy as a scalable and competitive niche, it is now scaling back low-carbon projects. This move follows other portfolio reconfigurations, including the sale of a 65% stake in Castrol to Stonepeak and the divestment of its Gelsenkirchen refinery in Germany.