Petrobras confirms plans to double biofuels production by 2015
In Brazil, state oil giant Petrobras confirmed in a Wall Street Journal interview that it will spend $3.5 billion over the next four years to double its biofuels output. Petrobras launched its biofuels unit, Petrobras Biocombustivel, in 2008.
Last October, the group agreed to a $1.2 billion deal to buy as much as 580 million gallons of ethanol from Açucar Guarani during the next four years. Petrobras already agreed at the end of April to buy 45.7% of the company from its French parent Tereos over the next five years.
Last November, Petrobras agreed to set up an ethanol distribution network with five companies including Cosan SA Industria e Comercio SA, 20%; Copersucar SA, 20%; Odebrecht Transport Participacoes SA, 20%; Camargo Correa Oleo e Gas SA, 10% and Uniduto Logistica SA, 10% at a total of $58 million. All of the companies except for Copersucar have already carried out studies on ethanol pipeline distribution projects.
Category: Fuels
