Petrobras, Banco de Brasil establish $49 million in farmer credit lines for biodiesel

In Brazil, Petrobras Biocombustivel and Banco do Brasil announced a $49.4 million financing package that will establish credit lines for biodiesel feedstock-producing farmers, supplying soy, sunflower or castor oil for Petrobras biodiesel plants in Bahia, Ceara and Minas Gerais states. The three plants control 5 percent of Brazilian biodiesel consumption or 44 Mgy.

Petrobras said that it expects to increase its capacity to 248 Mgy of biodiesel production by 2012, and said that it expects that a B4 mandate by that date will substantially increase domestic production.

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