Under the terms of the agreement, Maple will sell to Mitsui all of the production from the project for a period of five years, which will begin once commercial operations commence, except for up to 20% of production that Maple may sell domestically in Peru.
The agreement represents one of the final remaining material contracts to be executed in connection with the development and commencement of commercial operation of the ethanol project, and sales of ethanol are expected to begin in 2011.
Mitsui will be responsible for the transportation of ethanol to international markets, and the initial shipments are currently expected to be delivered to the European Union through port facilities in Rotterdam.
Maple is an integrated energy company engaged in the development of ethanol project, exploration and production of crude oil and natural gas, and refining, marketing and distribution of hydrocarbon products.
