January 4, 2006

Spain's Pescanova to invest EUR 350 million in aquaculture plant

Spainish fishing company Pescanova SA will invest about EUR 350 million in a Portuguese aquaculture plant, local newspaper sources said.

The plant would also receive subsidies from the Portuguese government.

The project targets government contribution of about EUR 40 million in direct subsidies and about 5 million in tax credits.

Ground breaking for the project will start in August.