Bunge, Chevron acquire Argentina seed business Chacraservicios, no terms

Bunge (BG) and Chevron’s Renewable Energy Group, a subsidiary of Chevron (CVX), acquired Chacraservicios, based in Argentina, from the Italian-based Adamant Group. This latest investment in novel seeds adds a new oil source in Bunge and Chevron’s global supply chains and will help both companies meet the growing demand for lower carbon renewable feedstocks. Terms of transaction were not disclosed. Founded in 2003, Chacraservicios was bought by Adamant Group, which invested through first-stage development of the company. Chacraservicios is focused on the cultivation of Camelina Sativa, a cover crop with high oil content, that benefits farmers, consumers and the environment. Bunge plans to provide Chacraservicios crush tolling and management services. “Agricultural innovation is powering renewable fuels development around the world, and opportunities like this are helping Chevron expand our portfolio of affordable, reliable and lower carbon fuels,” said Natalie Merrill, senior vice president for business development with Chevron Renewable Energy Group. “Together with Bunge, Chevron’s Renewable Energy Group looks forward to working with the Chacraservicios team on meal and oil processing innovations.”