USA : Sucro joint venture to build sugar refinery in Belize
Sucro Ltd. and Santander Sugar Ltd. formed a 50/50 joint venture, Caribbean Sugar Refinery Ltd. (CSR), to build a \$20 million sugar refinery at Santander’s mill in Valley of Peace, Belize. Backed by Belize’s government, CSR aims to meet 75% of CARICOM’s refined sugar demand by 2026, boosting regional food security and jobs.
SAN PEDRO, BELIZE — Sucro Ltd. (Sucro) said it has entered into a 50/50 operational joint venture, Caribbean Sugar Refinery Ltd. (CSR) with Santander Sugar Ltd. (SSL) to establish a fully functioning sugar refinery within the SSL mill complex in Valley of Peace, Cayo, Belize, “to transform the Caribbean sugar industry by building regional sugar cane refining capacity to serve the CARICOM market.”
The announcement followed the Sept. 4 signing of a memorandum of understanding with the government of Belize that signaled “strong public-private collaboration to enhance economic development, create employment and strengthen regional food security,” Sucro said.
“This joint venture represents a transformative step for the Caribbean sugar industry,” said Jonathan Taylor, Sucro founder and chief executive officer. “By leveraging regional resources and expertise, we aim to strengthen food security, support local farmers, and create sustainable economic opportunities for the Caribbean.”
The $20 million CSR investment will be funded equally by the joint venture parties, with refining operations targeted to begin in 2026. The refinery intends to supply more than 75% of CARICOM’s refined sugar needs, with plants to expand to Trinidad and Tobago to meet up to 150% of regional sugar demand, while exploring opportunities to North America and Europe.
“Santander Sugar is proud to host the first phase of this refinery in Belize,” said Jose Rodriguez, chief executive officer, SSL. “Our collaboration with Sucro and the Government of Belize ensures that the benefits of this project are shared across our communities, fostering growth and stability in the region.”
The Belize government with provide the enabling environment and support raw sugar sourcing for the new refinery. SSL will administer and operate the refinery, overseeing logistics, procurement and “ensuring strong alignment with the Belizean sugar sector and stakeholder communities.”
“The Government of Belize is committed to promoting sustainable industrial development,” said the Hon. Dr. Osmond Martinez, minister with responsibility for the sugar industry. “This partnership aligns with our vision for economic growth, job creation and regional integration. We welcome CSR and SSL’s investment and look forward to the positive impact on our country and the wider Caribbean.”
The International Sugar Organization projected 2025-26 sugar production in Belize at 60,000 tonnes, down 20% from 2024-25, with exports at 46,000 tonnes, down 25%.
Sucro, headquartered in Coral Gables, Fla., is a growth-oriented sugar refiner and distributor primarily serving North America and Caribbean markets, established in 2014. Sucro has established a broad production, sales and sourcing network throughout North America with two active cane sugar refineries and two additional refineries under construction. Conventional and organic granulated sugar, liquid sucrose products are marketed under the name SweetLife by Sucro.
SSL is a leading Belizean sugar mill and exporter of raw sugar, brown sugar and molasses.CARICOM – the Caribbean Community (originally the Caribbean Community and Common Market) – is an intergovernmental political and economic organization of 15 member states and five associated members throughout the Americas, the Caribbean and the Atlantic Ocean. It superseded the Caribbean Free Trade Association in 1973.
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Source : Baking Business
