Pantaleón Sugar to Expand Production in Central America
The group asked for a $100 million credit from the IFC to expand its production of sugar, ethanol and electricity in Guatemala and Nicaragua.
Wednesday, February 25, 2009
El Periodico published on its website: "The funds will be allocated to expand sugar and electricity production from sugar cane pulp in Guatemala, expand its production of ethanol in Escuintla and build a new ethanol plant in Nicaragua. The application, which is still pending approval, was submitted to the IFC on December 22, 2008 and the directorate has been becoming familiar with it since last February 5th."
Daily production will surpass one million liters per day sometime between this year and the next, according to estimates from the Industrial Chamber of Nicaragua.
Pantaleón Sugar Holdings will receive $100 million to expand sugar and ethanol production in Guatemala and Nicaragua.
The Biofuels Act provides that from April 2013 2% anhydrous ethanol will be incorporated into vehicle fuel.
In 2008, 265 million liters of ethanol and alcohol manufactured from sugar cane were exported to Europe and the United States.
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