bp will invest 353 million yuan in Lianyungang Jiaao New Energy Company
Companies
Aug 29, 2024
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Recently, the international oil giant bp Group signed an equity investment agreement with Lianyungang Jiaao New Energy Co., Ltd., and bp agreed to invest 353 million yuan in Lianyungang Jiaao.
The project is designed to produce 500,000 tons of SAF (sustainable aviation fuel) per year. Construction has started in the first quarter of 2023 and is expected to be put into production in the first quarter of 2025. As an equity investor, bp will hold a 15% stake in the project. The transaction is subject to regulatory approval.
bp said that the investment in Lianyungang Jiaao will support the continued growth of bp's strategic bioenergy business. This investment will accelerate bp's goal of producing SAF (through hydroprocessing of esters and fatty acids (HEFA) and help bp become a leading supplier of SAF.
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