More hiccups for sugar
Published: Saturday | December 19, 2009
Prime Minister Bruce Golding has told Parliament that Italian-owned company Eridania has decided against buying the remaining government-owned sugar estates, opting instead to request the continuation of a forward-sale arrangement that now exists.
"They have not been able to establish that that investment would not be able to provide them with the 200,000 tonnes of sugar that they need. It would require significantly more investment and would completely disturb their calculations in terms of the return of investment that is required," Prime Minister Golding told Parliament yesterday.
Jamaica is engaged in a forward-sale arrangement with Eridania to supply a guaranteed amount of sugar at an arranged price.
Government has committed to selling the country's sugar factories and estates, which are owned by the State. "It is not the intention of the Government to stay in sugar," Golding told Parliament.
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