BP to buy 15% of Chinese biofuel producer for $49 million

By Alimat Aliyeva

BP Plc buys a 15% stake in Lianyungang Jiaao Enproenergy Co. for 354 million yuan ($49.6 million), Azernews reports.

Lianyungang Jiaao Enproenergy is the "daughter" of Zhejiang Jiaao Enprotech Stock Co., which is engaged in the production and sale of biofuels and is one of the largest companies in China in this segment.

Lianyungang Jiaao Enproenergy is expected to complete the construction of an environmentally friendly aviation fuel (SAF) plant in the first quarter of 2025. Its capacity will be 500 thousand tons per year. The fuel will be produced from used cooking oil and animal fat.

The deal must be approved by the regulatory authorities of the People's Republic of China.