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SAO PAULO, March 26 (UPI) -- Brazil's Sao Martinho SA on Monday signed a 30-year ethanol supply deal with Mitsubishi Corp. mainly for the Japanese market.
In a news release, Sao Martinho said that its subsidiary Usina Boa Vista SA will initially crush 3 million tons of sugarcane per year, producing around 286,000 cubic meters and sell Mitsubishi 30 percent of its total output in the form of industrial ethanol.
Supply will begin in the 2008/09 harvest, the statement said, adding prices will be based on prevailing market conditions.
Also under the deal, Mitsubishi will buy 10 percent of Usina Boa Vista. Financial terms were not disclosed.
"Mitsubishi already acquires our Ribonucleic Acid Sodium Salt output and this new contract strengthens our long-term ties even further, as well as reinforcing Sao Martinho's determination to continue investing in the growth of its activities," Joao Carvalho do Val, Sao Martinho's chief financial officer, said in a statement.
Brazil, the world's No. 1 producer of ethano, relies on sugarcane for its product.
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