Sucro, Santander Sugar launch US$20M Belize refinery to boost CARICOM sugar supply
Joint venture aims to supply over 75% of CARICOM’s refined sugar needs and strengthen regional food security.
BELIZE – Sucro Ltd. (Sucro), an integrated sugar company serving the North American market, has partnered with Santander Sugar Ltd. (SSL) to create Caribbean Sugar Refinery Ltd.
(CSR), a 50/50 operational joint venture to establish a major sugar refinery in Belize. The project seeks to build regional sugar refining capacity to meet the growing demand of CARICOM markets.
The announcement follows the September 4 signing of a memorandum of understanding with the government of Belize, marking a public-private collaboration to drive economic development, employment and regional food security.
“This joint venture represents a transformative step for the Caribbean sugar industry,” said Jonathan Taylor, Sucro founder and CEO. “By leveraging regional resources and expertise, we aim to strengthen food security, support local farmers and create sustainable economic opportunities for the Caribbean.”
The US$20 million investment will be equally funded by both partners, with operations targeted to begin in 2026.
CSR intends to supply more than 75% of CARICOM’s refined sugar needs and expand to Trinidad and Tobago to meet up to 150% of regional demand while exploring exports to North America and Europe.
“Santander Sugar is proud to host the first phase of this refinery in Belize,” said Jose Rodriguez, SSL CEO. “Our collaboration with Sucro and the Government of Belize ensures benefits are shared across communities, fostering growth and stability in the region.”
The Belize government will provide enabling support and facilitate raw sugar sourcing for the new refinery. SSL will manage refinery operations, overseeing procurement and logistics to ensure alignment with the Belizean sugar sector and its stakeholders.
Hon. Dr. Osmond Martinez, Belize’s minister responsible for the sugar industry, welcomed the partnership, saying it aligns with the country’s vision for industrial development, job creation and regional integration.
The International Sugar Organization projects Belize’s 2025-26 sugar production at 60,000 tonnes, down 20% from 2024-25, with exports forecast at 46,000 tonnes, down 25%.
Founded in 2014, Sucro operates two cane sugar refineries in North America, with two more under construction, while SSL remains a leading producer and exporter of raw and brown sugar and molasses in Belize.
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