bp, a British multinational oil and gas company, agreed to acquire a 50% stake in bp Bunge Bioenergia, a biofuels-producing company, from Bunge, an agribusiness and food company, for $1.4bn. "In parallel to this acquisition, bp is scaling back plans for development of new SAF and renewable diesel biofuels projects at its existing sites, pausing planning for two potential projects while continuing to assess three for progression. This is aligned with bp’s drive to simplify its portfolio, focusing on value and returns," bp.