Grupo Moreno, which operates three plants in the heart of Brazil’s sugarcane belt in Sao Paulo state, filed for bankruptcy protection on 18th September, reported Reuters. This was triggered by negotiations with creditor banks failing – the company’s debt is estimated by the source at around BRL2 billion (US$483.44 million).
Some Brazilian mills have cancelled sugar delivery contracts with commodities traders at a cost, an operation known in the market as a washout, as New York raw sugar futures touch contract lows, reported Reuters.
The Brazilian government has renewed and increased the size of its tariff-free quota for ethanol imports from 600 million litres to 750 million litres, but the new allotment will last only one year instead of the two years allocated to the former quota that expired on 31st August, according to the country’s official gazette, reported Reuters.
Brazil – Amyris partners with Raizen for the production of zero-calorie sweeteners from cane sugar [Full subscriber]
The biotech start-up Amyris recently announced that it has reached an agreement with the sugar-ethanol giant Raizen for the supply of sugar, energy and other utilities to its new planned production plant co-located with Raízen’s Barra Mill at Barra Bonita, Brazil.
Brazil – Investment of US$26.4 billion needed to realize RenovaBio’s target of 50 billion litres ethanol by 2030 [Full subscriber]
The cane industry which welcomed the new biofuels policy RenovaBio in December 2017 will probably struggle to expand output from the current 33 billion litres of ethanol to the target of 50 billion litres by 2030, according to local press reports.
Braskem recently announced the production of biobased solvent that will add to the company’s already robust portfolio of speciality chemicals and has applications in segments such as inks, thinners and adhesives.
For 22 years, Toyota Motor Corp. has made hybrid cars that don’t require drivers to choose between running on gas or electricity. In October it will add a third option: ethanol.
Raw sugar for exports loaded at local ports plunged in July to the lowest in at least five years, reported Reuters.
India has blocked requests from Australia, Brazil and Guatemala at the World Trade Organization (WTO) for setting up of dispute panels against its subsidies for sugar and sugarcane.
US commodities trader Bunge and UK energy company BP have agreed to merge their Brazilian sugar and ethanol operations, the companies on 22nd July.