Sucro Limited, an integrated U.S. and Canadian sugar refiner and distributor, and Santander Sugar Limited (SSL), a leading Belizean sugar mill at arm’s length to Sucro, announced the formation of a 50/50 operational joint venture, Caribbean Sugar Refinery Limited (CSR). The partnership aims to transform the Caribbean sugar industry by building regional cane sugar refining capacity to serve the CARICOM market from its proposed plant to be developed in Valley of Peace, Cayo, Belize, according to the press release.
The formation of CSR follows the signing of a Memorandum of Understanding (MoU) with the Government of Belize on September 4, 2025, reflecting a strong commitment to public-private collaboration focused on economic development, job creation, and regional food security.
Key aspects of the CSR Initiative:
$20 million investment: CSR will invest USD $20 million, equally funded by both partners, to establish the refinery within SSL’s existing mill complex. The facility is expected to become operational in 2026.
Regional market focus: The refinery will initially target over 75% of CARICOM’s refined sugar demand. Expansion plans include potential operations in Trinidad and Tobago to meet up to 150% of regional needs, along with export prospects to North America and Europe.
Government backing: The Government of Belize will provide an enabling environment for the refinery’s development, assist with raw sugar sourcing, and support engagement with regional markets to ensure market access.
Operational oversight: SSL will lead the refinery’s day-to-day operations, including logistics and procurement, ensuring integration with the Belizean sugar sector and alignment with local stakeholders.
Sustainability goals: CSR has committed to environmental stewardship, pledging to follow best practices and adhere to its Environmental Compliance Plan.
Economic impact: The project is expected to generate significant direct and indirect employment opportunities across Belize and the wider Caribbean. It will also promote regional trade and offer a consistent market for local sugar producers.
“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.”
“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 that the benefits of this project are shared across our communities, fostering growth and stability in the region.”
“”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.”
