Bunge, Chevron Acquire Argentina Seed Business Chacraservicios
July 05 2023 - 9:07AM
Dow Jones News
By Colin Kellaher
Agribusiness giant Bunge and energy major Chevron on Wednesday
said they have acquired Argentina seed business Chacraservicios,
adding a new oil source to their supply chains as they work to meet
growing demand for lower carbon renewable feedstocks.
Bunge and Chevron, which last year formed a joint venture to
develop renewable-fuel feedstocks, said Chacraservicios is focused
on the cultivation of Camelina sativa, a cover crop with high oil
content.
The companies said they acquired Chacraservicios from
Italy-based Adamant Group for an undisclosed amount, adding that
Bunge plans to provide crush tolling and management services to the
acquired company.
Chevron and Bunge said they expect to continue to explore
opportunities to increase their participation in the development of
next-generation, renewable fuels. The companies in March said they
would work with Corteva to introduce winter canola hybrids that
produce plant-based oil with a lower carbon profile.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
July 05, 2023 08:52 ET (12:52 GMT)
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