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Cosan, Shell Conclude Talks On Raizen Joint Venture

SAO PAULO -(Dow Jones)- Brazilian sugar and ethanol group Cosan Industria e Comercio SA (CSAN3.BR) and Royal Dutch Shell PLC(RDSA.LN) said Thursday they have completed talks to create their ethanol joint venture Raizen. The two companies finished negotiating details of their agreement and expect the new company to be formally created by the end of the first half of this year, after Shell reorganizes its capital structure to separate out assets that won't be involved in the Raizen venture, Cosan said in a regulatory filing. The companies agreed that Cosan will keep its sugar retailing business separate from the ethanol venture, according to the filing. The companies also established an exchange rate of 1.6287 Brazilian reais per U.S. dollar, which will apply to payments to Shell and for investments by Cosan. The venture is still under review by Brazilian antitrust regulator Cade. Raizen, created last year by the companies to produce ethanol and sell it at Raizen's more than 4,500 service stations in Brazil, will boost sugar-cane-crushing capacity to 100 million metric tons a year, up from current output of 60 million tons, Raizen Chief Executive Vasco Dias said in February. Ethanol production is expected to more than double over the next five years to five billion liters a year, Dias said. Raizen now produces about 2.2 billion liters annually. -By Paulo Winterstein, Dow Jones Newswires; 55-11-3544-7073;

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