Last update: 09.07.2011
Cargill is betting on Brazil biofuel refineries
Source : bizjournals.com
Cargill Inc. has joined with Archer-Daniels-Midland Co. to invest about $560 million in new biofuel refineries in Brazil, Bloomberg reports. Brazil already has twice the biofuel refinery capacity that it needs, but the Wayzata-based Cargill and other agribusiness players are betting that the government there will double the amount of biofuel that must be blended into petroleum-based diesel. Brazil requires that diesel sold at the pump contain 5% biofuel, but there is talk that the government is going to increase that to 10%. That, Bloomberg wrote, would drive up demand immediately. "Brazil is bound to increase the biodiesel blend to 7% in the next 5 months", said Paulo Jose Fuga, a manager at Fuga Couros SA.
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9 May 2011 |
South & Latin America
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