Shell and Cosan to invest in Brazil
Date added: 15th February, 2011 at 09:46
(view all articles from February, 2011)
Categories: Natural Resources
Royal Dutch Shell and ethanol company Cosan have planned a joint investment in Brazil.
The firms have announced the launch of Raizen, a new business that a statement from Cosan said will produce more than 2.2 billion litres of ethanol in the country every year.
Chief executive officer of the new venture Vasco Dias said: "Raizen will help sugarcane ethanol, a sustainable, clean and renewable source of energy, to consolidate itself worldwide and strengthen Brazil's position in the international biofuels trading business."
With a market value of $12 billion (£7.5 billion), the company will operate over 23 ethanol plants and will see around $1.6 billion of cash flow, the statement said.
It will employ approximately 40,000 people and is expected to sell around 20 billion litres of fuel to service stations, industry and transportation firms.
This is not the only investment in Brazil Shell is to make, as the Daily Telegraph recently reported the company will be drilling new oil wells in the country's Santos Basin, ploughing an estimated $2.5 billion into the venture.
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