Japan’s Itochu to bring Binh Phuoc ethanol plant online in 2012

The Itochu Group of Japan will bring its ethanol production plant in Vietnam online in the second quarter of 2012. The new plant, which will be located in the southern province of Binh Phuoc, is expected to cost US$100 million. Itochu will have a 49% stake in the plant, with its partners PetroVietnam contributing 29% of the investment and Licogi 16 JSC (LCG) the remaining 22%. When operational, the plant will produce a million liter of ethanol per year. Feedstock for the plant will be 260,000 tons of cassava. Local demand for ethanol in Vietnam is expected to reach 300 million liters by 2012. (May 25, 2011)