Itochu, Bunge to increase Brazilian biofuels investment to $800 million with new project in Tocantins

In Brazil, the Japanese trading company Itochu and Bunge announced an agreement to increase their joint investment in Brazil to $800 million, as they offered details about a new ethanol project in the northern province of Tocantins. Plant capacity is projected at 1.4 million tonnes of sugar cane, and will produce sugar, electricity from bagasse, and ethanol.

Bunge will own an 80 percent stake in the venture, which extends a partnership between the two companies that commenced with a similar project in the central province of Minas Gerais. The new plant is scheduled to commence operations in 2010.

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