Itochu pulling out of its 49% share in Vietnamese ethanol plant

In Vietnam, Itochu Corp. is trying to pull out of its 49 percent stake of the Phuong Dong Biofuel Co before the facility has even come online. The 100 million liter per year plant came online for trials last year but hasn’t yet reached its commercial capacity. The $84 million plant has been waiting until the country’s biofuel policy comes online, which has been repeatedly delayed, leaving little domestic demand until then. The government only plans to allow E5 from December 2014, prompting its attempts to sell its ownership.