01 November 2011 20:25 [Source: ICIS news]
BUENOS AIRES (ICIS)--ProMaiz, a joint venture made up of Aceitera General Deheza and Bunge, plan to build Argentina's largest ethanol plant, an industry source said on Tuesday.
ProMaiz will invest $212m (€153m) to build a 140,000 cubic meters/year ethanol plant in the province of Cordoba. The plant will use corn as a feedstock.
The plant's capacity is larger than Argentina's total ethanol production for 2010, according to the Argentina Industry Ministry.
ProMaiz will complete the first phase of the project in the first quarter of 2013, allowing the plant to process 1,000 tonnes/day of corn.
Ultimately, the facility will be able to process 1,400 tonnes/day of corn. The plant could generate sales of $200m/year through ethanol as well as other corn products, such as animal feed, syrup and oil.
The plant could replace $117m worth of gasoline imports, according to the industry ministry.
The project falls in line with the government's larger goal of creating a more favourable balance of trade and adding value to the nation's grain production.
($1 = €0.72)
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