By Colin Kellaher

Agribusiness giant Bunge and energy major Chevron on Wednesday said they have acquired Argentina seed business Chacraservicios, adding a new oil source to their supply chains as they work to meet growing demand for lower carbon renewable feedstocks.

Bunge and Chevron, which last year formed a joint venture to develop renewable-fuel feedstocks, said Chacraservicios is focused on the cultivation of Camelina sativa, a cover crop with high oil content.

The companies said they acquired Chacraservicios from Italy-based Adamant Group for an undisclosed amount, adding that Bunge plans to provide crush tolling and management services to the acquired company.

Chevron and Bunge said they expect to continue to explore opportunities to increase their participation in the development of next-generation, renewable fuels. The companies in March said they would work with Corteva to introduce winter canola hybrids that produce plant-based oil with a lower carbon profile.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

July 05, 2023 08:52 ET (12:52 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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