Brazil's Raizen To Invest $7 Billion Over Five Years

Date : 06/07/2011 @ 5:57PM
Source : Dow Jones News
Stock : Cosan Limited Class A (CZZ)
Quote : 10.59  -0.01 (-0.09%) @ 3:59PM

Brazil's Raizen To Invest $7 Billion Over Five Years

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Newly created Brazilian sugar and ethanol company Raizen will invest the equivalent of $7 billion in its operations over the next five years, Raizen President Vasco Dias said Tuesday.

Dias told reporters the bulk of the investment money, some $5 billion, will go to sugarcane and ethanol development and electric power generation. The rest, some $2 billion, will go to distribution and logistics.

Raizen was created earlier this month as a joint venture of Royal Dutch Shell PLC (RDSA.LN) and Brazilian sugar and ethanol group Cosan Industria e Comercio SA (CSAN3.BR).

Raizen will produce and sell over 2 billion liters a year of ethanol made from Brazilian sugarcane. It will distribute biofuels and over 20 billion liters of other industrial and transport fuels annually through a combined network of nearly 4,500 Shell-branded service stations.

Raizen also will boost sugarcane-crushing capacity to 100 million metric tons a year, up from current output of 60 million tons, Dias said. Ethanol production is expected to more than double over the next five years to five billion liters a year.

-By Paulo Winterstein, Dow Jones Newswires; 55-11-3544-7090;

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