UPDATE 1-BP Bunge Bioenergia not looking to offload assets, CEO says
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DUBAI, March 5 (Reuters) - BP Bunge Bioenergia, the second-largest sugarcane processor in Brazil, is not looking to offload assets, its CEO Geovane Consul said on Tuesday at a sugar conference in Dubai.
"We had in the past (interest in offloading assets). Today no more," he told reporters on the sidelines of the conference, adding the cash flow generated by the business was now satisfactory.
Consul also said the company's priority was to expand its existing assets rather than acquire new ones.
"We're happy with what we have," he said.
BP Bunge Bioenergia was formed in 2019 as a joint venture by British oil major BP and U.S. commodities trader Bunge Ltd.
Consul cited that deal and the acquisition in 2021 by Brazil's Raizen of the sugar and ethanol until controlled by Louis Dreyfus as examples of recent industry consolidation.
"I think there is more to come," he said, adding he believed consolidation was good for the industry. (Reporting by Sarah El Safty, Editing by Louise Heavens and Louise Heavens)
