Bunge, Itochu to build biofuel plant in Brazil

by Eric Schroeder
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SAO PAULO, BRAZIL — Following up on a partnership first unveiled in September, White Plains, N.Y.-based Bunge Ltd. and Japan-based Itochu Corp. announced plans to build an $800 million biofuel plant in Brazil that will produce sugar, fuel ethanol and electrical energy from sugarcane. Bunge, the world’s largest oilseed processor, will own 80% in a joint venture to operate the proposed facility, while Itochu will hold the rest. The plant will be located in the northern Brazilian area of Tocantins, with operations expected to begin in 2010.

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