Feb. 19 (Bloomberg) -- Sojitz Corp. and Odebrecht SA may increase production at their Brazilian bioethanol venture three years ahead of schedule by merging with a local rival.
ETH Bioenergia SA, the venture, plans to raise annual production of the fuel to 3 million kiloliters by 2012 after merging with Brenco Holdings SA. The venture had planned to meet the target by 2015, Yoshikazu Ichikawa, a spokesman with Tokyo- based Sojitz, said today by phone.
The merged company plans to invest 175 billion yen ($1.9 billion) to develop facilities in Brazil, Ichikawa said. Other Japanese trading companies have been investing in the ethanol projects in the South American countries to meet demand for the alternative fuel back home.
Itochu Corp. has a bioethanol plant in Santa Juliana, which produced 0.17 million kiloliters last year, spokesman Yasuhiro Terashita said today by telephone. Osaka-based Itochu will start another bioethanol project in Tocantins later this year.
Brazil’s Odebrecht owns two-thirds of ETH Bioenergia and Sojitz the remainder. ETH Bioenergia will control 65 percent of the combined company with Brenco, according to a statement from Sojitz on its Web site today.
2010-02-19
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