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BUZZ-BP: Brazil competition regulator approves ethanol joint venture

Reuters - UK Focus

** Brazilian competition watchdog Cade has approved a joint venture between Copersucar and BP PLC's Brazil unit, the government said in its official bulletin on Thursday

** In November, the BP unit and Copersucar, one of the world's largest ethanol merchants, said they would form a 50-50 joint venture to operate a recently built ethanol storage complex in the city of Paulínia, the country's largest fuels hub

** The complex has the capacity to move 2.3 billion liters of the fuel per year and is able to store 180 million liters at its 10 tanks, the companies said at the time

** In the bulletin, Cade said the move would not affect Brazil's ethanol or storage market