Bunge, Chevron Define Previously Announced JV

Chevron and Bunge announced the signing of definitive transaction agreements to create their previously announced joint venture.  The new venture will create renewable feedstocks leveraging Bunge’s expertise in oilseed processing and farmer relationships with Chevron’s expertise in fuels manufacturing and marketing, according to a press release on Bunge’s website.  The agreements are subject to customary closing conditions, including regulatory approval.

Bunge’s soybean processing plants in Destrehan, Louisiana and Cairo, Illinois will be contributed to the joint venture with Chevron contributing approximately $600 million in cash. Plans include doubling the capacity of these facilities from 73.5 million bushels a year of soybeans crushed to 147 million bushels per year. Soybean oil production is expected to increase by approximately 300 million…