Brazil ETH changes name; $500m for ethanol production announced

05 February 2013 22:14  [Source: ICIS news]

CAMPINAS, Brazil (ICIS)--Brazil's ETH Bioenergia has changed its name to Odebrecht Agroindustrial, it said on Tuesday, adding that it will invest Brazilian reais (R) 1bn ($500m, €370m).

Most of its investments (90%) are destined for new sugarcane fields as part of ethanol production, the company said.

"For the next crop season, the Odebrecht Agroindustrial plans to mill 26 tonnes of sugarcane (...) which will let us to produce 2bn litres of ethanol," it said in a statement.

Since 2012, the company has begun a series of projects to expand its plants' capacities and to export ethanol, it said.

By 2014, Odebrecht Agroindustrial plans to increase sugarcane milling capacity to 40 tonnes.

($1 = R1.99; $1 = €0.74)

By: Leo Siqueira
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