Logo of British Petrol BP is seen e at petrol station in Pienkow, Poland, June 8, 2022. REUTERS/Kacper Pempel

SAO PAULO, Aug 9 (Reuters) – British oil key BP (BP.L) and U.S. commodities trader Bunge Ltd (BG.N) have set their Brazilian sugar and ethanol joint venture BP Bunge Bioenergia up for sale, newspaper Valor Economico documented on Tuesday.

The report, citing sources familiar with the make any difference, said Abu Dhabi’s Mubadala (MUDEV.UL) and Brazilian power business Raizen SA (RAIZ4.SA) – a joint undertaking among Shell (SHEL.L) and Cosan SA (CSAN3.SA) – had been between these interested in purchasing the business enterprise.

JPMorgan has been employed to suggest BP Bunge on the deal, Valor stated, adding that the firm’s belongings ended up valued at between 9 billion and 10 billion reais ($1.96 billion).

BP and Raizen declined to remark, even though Bunge, Mubadala and JPMorgan did not right away react to Reuters emailed requests for remark.

BP and Bunge’s deal to develop the 50-50 joint venture, taking care of 11 crops with a complete capability to crush 32 million tonnes of sugarcane for each yr, was first introduced in 2019.

($1 = 5.1110 reais)

Reporting by Gabriel Araujo Modifying by Kirsten Donovan

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