Bunge sells stake in U.S. ethanol plant as biofuels industry struggles

Jan 03, 2020 at 08:47 AM CST
CHICAGO (Reuters) - Bunge Ltd ended its 13-year ownership interest in an Iowa ethanol plant, the company said on Thursday, following industry struggles with thin margins and overproduction. Southwest Iowa Renewable Energy, or SIRE, repurchased Bunge’s stake in the facility on Dec. 31, according to a statement. U.S. ethanol producers say the industry has suffered from the Trump administration’s expanded use of waivers to exempt oil refineries from blending ethanol into gasoline. As of last month, some 13 plants had shut since November 2018, while others had temporarily reduced production.

Jan 03, 2020 at 08:47 AM CST

CHICAGO (Reuters) - Bunge Ltd ended its 13-year ownership interest in an Iowa ethanol plant, the company said on Thursday, following industry struggles with thin margins and overproduction. Southwest Iowa Renewable Energy, or SIRE, repurchased Bunge’s stake in the facility on Dec. 31, according to a statement. U.S. ethanol producers say the industry has suffered from the Trump administration’s expanded use of waivers to exempt oil refineries from blending ethanol into gasoline. As of last month, some 13 plants had shut since November 2018, while others had temporarily reduced production.