Bioethanol firm Hungrana to invest forint 20bn

19 December 2006 16:36  [Source: ICIS news]

PRAGUE (ICIS news)--Hungarian bioethanol producer Hungrana is pushing ahead with a forint 20bn (€78.9m/$103.9m) expansion programme, it said on Tuesday.

 

The expansion is aimed at raising Hungrana's daily maize starch and isoglucose processing capacity to an annual 1m tonnes.

 

The enterprise - a 50:50 joint venture owned by Austria’s Agrana and Britain’s Tate & Lyle - said the first phase of the expansion had already increased the daily processing capacity to 1,500 tonnes from 1,200 tonnes, an annual rate of 547,500 tonnes.

 

The 3,000 tonnes a day/1m tonnes a year target could be accomplished by the end of 2007, Hungrana said.

 

Meanwhile, the Hungarian Ministry of Agriculture confirmed it was backing subsidies for 60-100 small bioethanol plants to be constructed on livestock farms across the country.

 

It expected several to be set up next year as pilot projects in every region of the country. State subsidies would be capped at 10% of project costs, although additional EU subsidies might be available.

 

The ministry's long-term target is for the plants to produce up to 1/3 of Hungary’s bioethanol needs. 

 

($1= forint 193)

By: Will Conroy
+44 20 8652 3214

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