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Hardbeatnews, GEORGETOWN, Guyana, Tues. May 16, 2006: A group of Israeli and Spanish investors are looking to invest some US$100M to establish a pilot ethanol plant in the Canje River Basin in Region Six, Guyana.

The group, Tanacama Ltd, according to a government statement yesterday, began discussions in November last and returned last week to continue the negotiations with the Guyana Office for Investment (GoInvest) and the Guyana Sugar Corporation.

Should the plant become a reality, it is expected to produce 80 million liters of ethanol annually and the investors are hoping to increase that amount 10-fold within a decade. Some 10,000 hectares of land would be cultivated with sugar cane using Israeli Technology “with fertilizers and irrigation systems buried in the soil,” the statement said.

“We mean business,” the group reportedly indicated, adding that the intention is to have a memorandum of understanding signed between the parties as soon s possible, since “both parties are interested.”

Several Caribbean countries have been looking at ethanol production since the EU announced price cuts on sugar that could devastate the region’s economies if they do not swiftly diversify. –