BUENOS AIRES – Agribusiness giant Cargill said Thursday it was investing $113.6 million to build a biodiesel plant and an electricity generator in Argentina, where the U.S.-based company is the largest soy exporter.
Both projects will be carried out in the central province of Santa Fe and are due to come online in September 2011, the general manager of Cargill Argentina, Hugo Kranjc, told reporters after submitting the company’s plans to President Cristina Fernandez.
“This shows the company’s confidence in the country’s potential,” Kranjc said.
The power plant will have 18 MW of generating capacity, while the biodiesel facility’s annual production capacity will be 240,000 tons, the Industry Ministry said in a statement.
Both projects will be located next to a Cargill port terminal and 13,000-ton-per-day soy-processing plant in Santa Fe.
“This investment contributes to the diversification of the energy matrix, promotes the purchase of capital goods of national origin and generates value-added and real jobs,” Industry Minister Debora Giorgi said.
Cargill employs 4,000 workers in Argentina in 50 locations and its assets include export terminals, country elevators, malt plants, oilseed crushing plants, beef-processing plants and flour mills.
More than 90 percent of its production is destined for export to markets including China, Spain, Peru, Egypt, Brazil, the Netherlands, India, South Korea, Malaysia and Chile, according to the company. EFE