Maple Energy agrees to ethanol off-take agreement with Mitsui

Maple Energy PLC said it agreed to sell nearly all of the ethanol produced at its ethanol project in Peru to Japanese commodity trader Mitsui & Co. Ltd. Commercial operations at the ethanol plant are scheduled to start in 2011 and Maple Energy said securing an off-take agreement was a key condition for securing US$140 million of financing for the project. The deal with Mitsui will provide the company with a reliable market for its ethanol, said Maple Energy Chief Executive Rex Canon. Maple Energy said it agreed to sell Mitsui all but 20% of the ethanol produced from its project for five years. The 20% will be sold in Peru. (August 17, 2010)