UPDATE 1-France's Tereos to expand trading into ethanol

viernes 2 de octubre de 2015 08:33 GYT
 

(Adds confirmation by spokesman, further detail)

PARIS Oct 2 (Reuters) - French sugar maker Tereos is to expand its trading activity to cover ethanol, it said on Friday.

The company, one of the world's largest producers of sugar and ethanol, set up the Tereos Commodities unit last year to trade sugar ahead of an expected rise in European sugar output when a quota regime expires in 2017.

The ethanol desk will be headed by Laurent Ibars, who was previously a trader with Brazilian sugar and ethanol producer Raizen and global trading group Cargill, a source close to the matter told Reuters.

A Tereos spokesman later confirmed the information.

Ethanol trading activities should start on Apr. 1, at the start of Tereos' next fiscal year, the spokesman said.

Tereos, a cooperative group made up of about 12,000 farmers, is the European Union's top ethanol producer, and among the five largest ones in Brazil. It produces 1.9 million cubic metres of ethanol from several commodities such as sugar beet, cane and grains, per year, the spokesman said. (Reporting by Sybille de La Hamaide; Writing by Gus Trompiz; Editing by Bate Felix and Pravin Char)