Nuseed and bp Products North America agree long-term offtake agreement

In Illinois, Nuseed and bp Products North America Inc, have entered into a long-term strategic offtake and market development agreement, that will see bp, or its affiliates, purchase Nuseed Carinata oil to process or sell into growing markets for the production of sustainable biofuels. 

The agreement is for an initial 10-year term and will see Nuseed continue to develop and expand its existing network of growers, channel and supply chain partners to deliver Carinata oil to bp or its affiliates, with key steps of crop production independently audited and certified. The Carinata oil will be processed by bp or affiliates through its bio refining footprint and also sold into growing markets for the production of sustainable biofuels. 

Nuseed is currently increasing commercial production in Argentina and planning expansion programs in South America and the United States. Initial research and market development programs are also underway in Europe and Australia. bp expects to initially target low-carbon biofuel markets in Europe and North America.