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Thursday, February 28, 2008

Itera completes investment in U.S. bio fuel production

MOSCOW, February 28 (RIA Novosti) - Russia's Itera Ethanol LLC, a subsidiary of the Itera Group, has made its final investment in a $265 million project to produce bioethanol in Clearfield, Pennsylvania, as part of an investment team. BioEnergy International LLC, a science and technology company committed to developing technologies to produce biological fuels and chemicals from renewable resources, plans to build a plant by late 2009 to produce 409.32 million liters of denatured ethanol a year, as well as pet foods. A similar plant is to be later built in Louisiana. "We consider it a priority to join the development and introduction of promising technology in the production of environmentally friendly fuels and alternative energy sources. We plan to develop similar projects in Russia and in the CIS," said Igor Makarov, Itera Group president, on Thursday. Itera made its first investment in BioEnergy international LLC in May 2006 to provide funds for initial infrastructure development, the company says on its website. The investment team also includes TD Banknorth, WestLB, Plainfield Asset Management, Camulos Capital and Context Capital Management. ITERA Ethanol LLC is a subsidiary of ITERA USA Inc. (based in Jacksonville, Florida), making part of Itera Group. ITERA USA Inc. specializes in attracting investment and develops high-technology projects.

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