Reuters quoted Marcos Lutz, CEO of Brazilian ethanol producer Cosan, as saying that the details of the joint venture between Cosan and Shell to establish a biofuel company have entered the final stage.
Cosan and Shell signed a memorandum of understanding to establish a joint venture in early 2010. Both parties plan to invest 6 billion U.S. dollars each to establish ethanol production enterprises. The joint venture will include some of the existing fixed assets in Brazil.
In the next two years, Shell will provide the joint venture with 2,740 retail and distribution outlets, a 50% stake in biotech company Iogen, a 14.7% stake in biocatalytic technology company Codexis, and $1.625 billion in cash.
Cosan will provide 1,730 retail and distribution outlets, 60 million tons of cane crush processing capacity per year, 2 billion liters of ethanol production capacity per year, 7 existing factories and 2 factories under construction.
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