Group27_UnitecBio - Factiva

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Eurnekian Group To Invest $70M On Argentina Biodiesel Expansion 406 words 3 September 2010 13:57 Dow Jones International News DJI English BUENOS AIRES (Dow Jones)--Unitec Bio, a unit of Argentine business magnate Eduardo Eurnekian, plans to double its biodiesel production capacity by spending $70 million to build a plant in Santa Fe province. Unitic Bio will break ground at the beginning of next year, with production coming on line during the second half of 2011, a company spokesman said Friday. Production capacity , currently at 200,000 metric tons of biofuel per year, will be increased to 420,000 tons per year. The expansion is geared to Argentina's local market, where biodiesel demand is guaranteed by minimum blending requirements with traditional diesel. The planned investment comes amid a boom in the biofuels sector in Argentina, as companies take advantage of government incentives to turn soybeans into fuel. In August, Minnesota-based commodities giant
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