Petrobras and Samsung ink ethanol production and marketing deal; Petrobras to export up to 105 Mgy of ethanol to South Korea

The Brazilian state oil company, Petrobras, has established a joint venture with Samsung to cooperate in the production and marketing of ethanol. Petrobras projected that it will sell 80 to 105 Mgy of ethanol in South Korea per year.

South Korea has said it will increase the current B0.5 mandate will be increased annually by 0.5 to bring the nation to B3 in 2012. In addition, South Korea has extended biodiesel tax breaks until 2010.

The Samsung-Petrobras deal is the first major ethanol deal signed by Petrobras in Asia. Brazilian ethanol exports have fallen sharply this year due to a US ethanol glut.

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