Joint venture sees $12 billion invested in ethanol production in Brazil
Date added: 27th August, 2010 at 10:01
(view all articles from August, 2010)
Categories: Natural Resources
Two companies came together to invest billions of pounds in ethanol production in Brazil this week.
Europe's largest oil firm Royal Dutch Shell signed an agreement with Brazil's biggest manufacturer in the industry Cosan on Wednesday (August 25th).
The venture is worth $12 billion (£7.78 billion), with Shell ploughing $1.6 billion cash into the investment, alongside its equity from several other holdings.
Meanwhile, Cosan agreed to contribute its capacity to produce more than two billion litres of ethanol per year.
"Over the next 20 years, sustainable biofuels are one of the most realistic commercial solutions to reduce CO2 emissions from transport," Shell downstream director Mark Williams explained, saying the venture would assist the growth of the company.
According to a statement from the firms, the deal is awaiting regulatory approval but if it is allowed to take place, their operation will be one of the biggest in the ethanol production industry.
An "earn in" agreement between gold companies Horizonte and AngloGold Ashanti is to see a $4.5 million investment in Brazil over the next three years.
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