Bunge Iberica, the Spanish operating arm of agribusiness and food company Bunge Limited (www.bunge.com), today announced the creation of a joint venture with renewable energy company Acciona and other local partners to build two biodiesel plants in Spain. The proposed plants will be located adjacent to Bunge”s newly constructed oilseed processing plants and vegetable oil refineries in Bilbao and Cartagena. Bunge will be a minority investor.
As part of the joint venture, Bunge will supply the biodiesel plants with soybean oil from its co-located facilities, and Acciona will manage biodiesel production. The biodiesel plant in Bilbao is expected to have a capacity of 200,000 MT/year. Bunge”s port-based oilseed processing plant commenced operations in Bilbao in August 2006. The oilseed processing plant and refinery in Cartagena is expected to be fully operational in early 2007.
Repsol YPF, Spain”s largest refiner of petroleum, will purchase the end-product from the biodiesel plants. In March 2006, Acciona and Repsol reached an agreement to develop new plants near Repsol”s crude oil facilities, including those in Bilbao and Cartagena.