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Home / Bioethanol / News Ukrros Sugar Association Planning To Create Joint Enterprise For Production Of Bio-Ethanol At Hubynykh Sugar RefineryUkrros Sugar Association Planning To Create Joint Enterprise For Production Of Bio-Ethanol At Hubynykh Sugar Refinery Ukrros Sugar Association's Board Chairman Serhii Fedorenko announced this in an interview with the Delo newspaper. Fedorenko stressed that the company was interested in attracting a Western investor with experience in similar projects. "We plan to create a joint enterprise on the following principle: we will provide the remaining production facilities, which are worth USD 6-7 million; the investor will provide the USD 30 million that is needed for modernization of equipment. The deadline for construction of the facility is the year 2012," Fedorenko said, adding that the company has not yet found an investor. The Hubynykh sugar refinery's production facilities that will not be used in production of bio-ethanol are expected to be sold. According to Fedorenko, the sale will generate UAH 30-40 million, which the company will use to pay its debts to banks. Fedorenko also forecast that the company would be able to provide 30% of the raw materials needed for production of bio-ethanol at the Hubynykh sugar refinery when production starts. As Ukrainian News earlier reported, Ukrros Sugar Association controls seven sugar refineries, the last of which (the Orzhytskyi sugar refinery) it acquired in late 2008. The holding company also owns 17 agricultural enterprises. The Hubynykh sugar refinery was temporarily taken out of operation about one year ago.
Date: 03.08.2009 Leave your comment
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