Energy co to buy Jamaica's sugar company, invest in ethanol
Jamaica's agricultural minister says a Brazilian renewable energy company expects to buy the struggling Sugar Company of Jamaica to boost its ethanol production.
By Agencies |
KINGSTON: Jamaica's agricultural minister says a Brazilian renewable energy company expects to buy the struggling Sugar Company of Jamaica to boost its ethanol production.
Minister Christopher Tufton says Infinity Bio-Energy will take over in September. Jamaica will retain a 25 percent share in the company for three years. Officials did not cite a sale amount.
Prime Minister Bruce Golding said Friday that the company's six factories have lost a total of US$283 million since Jamaica bought them in 1998. Almost 13,000 workers will be let go.
It is the second major investment that Infinity Bio-Energy has made in the Caribbean. It agreed last year to spend more than US$200 million to produce ethanol by 2009 with Dominican Republic's Bioetanol Boca Chica SA.
Minister Christopher Tufton says Infinity Bio-Energy will take over in September. Jamaica will retain a 25 percent share in the company for three years. Officials did not cite a sale amount.
Prime Minister Bruce Golding said Friday that the company's six factories have lost a total of US$283 million since Jamaica bought them in 1998. Almost 13,000 workers will be let go.
It is the second major investment that Infinity Bio-Energy has made in the Caribbean. It agreed last year to spend more than US$200 million to produce ethanol by 2009 with Dominican Republic's Bioetanol Boca Chica SA.
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