Irish Company Greenfield to Invest $345 Mln in Bioethanol Production in Belarus

According to the report of the company Greenfield Project Management Limited (Ireland), they plan to invest $345 mln in the production of the bioethanol in Belarus.

The company plans to construct in Belarus two enterprises on bioethanol production in Mozir (Gomel oblast) and Bobruysk (Mogilev oblast) with capacity of 550 and 100 mln liters per year accordingly. In order to realize these projects, the joint enterprise would be constructed; the share of Belarus would total 20%.

According to the report, the future bioethanol production is estimated at the level that should cover 3-6% of the European demand.

Currently, the import duty of 0.19 EUR/l is imposed for the import of Belarusian bioethanol to the European countries. However, this duty would be compensated by the lower production costs in Belarus and governmental support measures.

It is supposed that construction of the production plants in Mozir and Bobruysk would begin in III-IV quarter of 2008. The construction would take from 18 to 24 months.