The American agricultural company Corteva Inc. and the British oil and gas company BP Plc have launched a new joint venture Etlas for the production of biofuels from grain crops. This is reported in a BP press release.
Etlas will produce environmentally friendly (or synthetic) aviation fuel (SAF) and renewable diesel fuel (RD) based on Corteva's expertise in growing seeds for SAF and RD production, as well as BP technologies for processing and marketing fuels in commercial transportation.
From the point of view of BP management, "the joint venture creates additional opportunities in the biofuels value chain with minimal costs, strengthening the company's position and increasing profits." The raw materials used by Etlas will be produced from crops that are grown between the main harvest seasons. Such intermediate crops help improve soil conditions, providing a new source of income.
By the mid-2030s, Etlas plans to produce 1 million tons of raw materials per year and more than 800 thousand tons of biofuels. Initial deliveries are planned to begin in 2027 for joint processing at oil refineries, as well as at specialized biofuel plants.
Experts estimate that global demand for SAF will grow to 10 million tons by 2030 from 1 million tons in 2024, and global demand for RD to 35 million tons from 17 million tons.
BP Plc is a British multinational oil and gas company with headquarters in London (England). About a third of the company's revenue comes from operations in the United States.
Corteva, Inc. is an American multinational agricultural company producing seeds and crop protection products resistant to herbicides, pests and adverse weather conditions. In 2024, the company's revenue totaled $16.9 billion and assets totaled $41.46 billion. The headquarters is located in Indianapolis, Indiana.
Read also in our Telegram channel "Mergers and acquisitions. AK&M».
