Americas News
BP in Bunkering Joint Venture at Brazilian "Superport"
Oil giant BP Plc (BP) is forming a joint venture with a Brazilian company to distribute marine fuels at the Acu Superport in Sao Joao da Barra starting this year, the Wall Street Journal reports.
The new company, MFX, will be a 50-50 partnership between BP and EBX Holding, which is controlled by Brazilian billionaire Eike Batista.
"BP and EBX have chosen the Acu Superport as the most favorable location for the construction of the terminal, with all necessary infrastructure to perform distribution of marine fuels," EBX said.
"This supply center will address the requirements of several types of ships and activities, such as PSVs (platform supply vessels), cabotage and long-haul ships for marine fuels such as MGO - marine gas oil and IFO - intermediate fuel oil."
The port itself is also part of the EBX group, and is controlled by LLX Logistica S.A.
"This initiative will focus on guaranteeing to companies that are constructing their plants at the Acu Superport a competitive and continuous supply of high quality marine fuel for their operations," said LLX Chief Executive Marcus Berto.
"In addition, this will help turn the Acu Superport into a hub port for marine fuels recognized globally."
Batista has promised to make Acu the world's third-biggest port by taking advantage of Chinese demand for Brazilian raw materials, but he has struggled to attract $40 billion in investments in the port, Bloomberg reported in October.
LLX delayed the start of operations at the port, originally scheduled for the second half of 2012, to this year.
