Indian state oil companies pull back from $600 million in Brazilian sugarcane, ethanol investments

In India, state oil firms have cancelled or deferred more than $600 million in planned Brazilian sugarcane acreage as the low prices of crude oil have taken their toll and made ethanol blending largely uneconomical in India. The plans called for state oil companies such as Bharat Petroleum, IOC and Hindustani Petroleum to acquire stakes of 15-35 percent in Louis Dreyfus Commodities Bioenergia and Infinity, and up to 50 percent in smaller players such as Rezak.

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