Japanese trading company Itochu Corp. and New York-based Bunge Ltd. will build an $800 million biofuel plant in Brazil to capitalize on rising demand for the alternative fuel.
Bunge, the world's largest oilseed processor, will own 80 percent in a joint venture to operate the proposed facility, while the Osaka-based trading house will hold the rest, Itochu said in an e-mailed statement Friday.
The plant producing bioethanol from sugar cane will be located in the northern Brazilian area of Tocantins, with operations slated to begin in 2010.