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Duna Development to build €40 mln ethanol plant

Duna Development Kft, a state-owned joint venture of Hungary and Austria, will spend €40 million to build a crop-based ethanol plant in Martf?, eastern Hungary, business daily Világgazdaság reported. The plant will use corn and milo to produce 100,000 tons of ethanol a year managing director Tibor Érsek told the paper. Construction of the plant may start later this year. Duna Development, set up in 1998 to help develop environmental projects in Hungary, plans to build four other crop-based ethanol plants in the country and will sell ethanol in Hungary and abroad, Világgazdaság said. The company will finance the developments with bank loans and private investments.