Bunge Ltd, the world's largest oilseeds processor, and Chevron’s Renewable Energy Group Inc., a subsidiary of Chevron Corporation, one of the world’s largest integrated energy companies have announced the acquisition of Argentina-based Chacraservicios S.r.l. from Italy-headed Adamant Group.
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According to a statement, this latest investment in novel seeds adds a new oil source to Bunge and Chevron’s global supply chains and will help both companies meet the growing demand for lower-carbon renewable feedstocks.
The terms of the transaction have not been disclosed.
Across our business, our decision-making process includes a focus on carbon. Investing in this new oilseed crop is another step toward our goal of expanding lower carbon-intensity feedstocks to help meet the growing demand for renewable fuels. As a leader in oilseed processing, we are pleased to bring innovative crop solutions to farmers and process them into sustainable solutions for consumers, said Fernando Candia, VP of Carbon Solutions at Bunge.
Founded in 2003, Chacraservicios was bought by Adamant Group, which invested in the first-stage development of the company.
Chacraservicios is focused on the cultivation of Camelina sativa, a cover crop with high oil content, that benefits farmers, consumers, and the environment. Bunge plans to provide Chacraservicios with crush tolling and management services.
Agricultural innovation is powering renewable fuel development around the world, and opportunities like this are helping Chevron expand our portfolio of affordable, reliable, and lower-carbon fuels. Together with Bunge, Chevron’s Renewable Energy Group looks forward to working with the Chacraservicios team on meal and oil processing innovations, said Natalie Merrill, SVP for Business Development with Chevron Renewable Energy Group.
The companies expect to continue to explore opportunities to increase their participation in the development of next-generation, renewable fuels and advance a lower-carbon energy future.