Sugar Loses Allure as Top Miller Cosan Turns to Gas
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The world’s biggest sugar producer has lost its appetite for sugar.
Cosan SA, which controls top producer Raizen Energia SA in a joint venture with Royal Dutch Shell Plc, is cutting investments in sugar cane amid a global glut of the sweetener and Brazilian government policies that hold down the price of ethanol, Chief Financial Officer Marcelo Martins said in an interview. Returns on capital from the company’s sugar and ethanol operations have plunged to below 10 percent, he said.