ITOCHU Corporation and Bunge Limited have begun production of bioethanol through a joint venture company, Pedro Afonso Açúcar e Bioenergia, located in Tocantins, Northern Brazil. Bunge owns 80% of this joint venture. ITOCHU is investing a total of about USD 800 million into two facilities for the production of bioethanol, the second one being in Minas Gerais, in the south east of the country.

Source: ITOCHU