Cargill, the agribusiness giant said that with an investment of $113.6 million, the company is all set to build a biodiesel plant and an electricity generator in Argentina.

Further it has been told by the general manager of Cargill Argentina, Hugo Kranjc, that the projects would be carried out in the central province of Santa Fe and are due to come online in September 2011.

In a statement he said, “This shows the company’s confidence in the country’s potential.”

According to the industry minister, the power plant would be having a generating capacity of 18 MW, while for the biodiesel facility’s the annual production capacity would be 240,000 tons. It was also told that both projects would be located next to a Cargill port terminal and 13,000-ton-per-day soy-processing plant in Santa Fe.

As per the industry minister Debora Giorgi, “This investment contributes to the diversification of the energy matrix, promotes the purchase of capital goods of national origin and generates value-added and real jobs.”

Currently, Cargill employs somewhere around 4,000 workers in Argentina, these employees are spread over 50 locations. The assets which the company posses are, export terminals, country elevators, malt plants, oilseed crushing plants, beef-processing plants and flour mills.

As of the current situation, it has also been well known that more than 90 percent of its production is destined for export to markets including China, Spain, Peru, Egypt, Brazil, the Netherlands, India, South Korea, Malaysia and Chile.