Petrobras to back out from biofuels for good

In Brazil, Petrobras announced it will refocus its energies on the production of oil products and divest other industries where it participates including biofuels, if the market shows interest to buy its assets. The company owns significant minority shareholding in sugarcane ethanol plants with France’s Tereos International, run locally as Guarani. Petrobras has been reeling from a major corruption scandal during the past two years as well as financial breakdown in part due to subsidizing the cost of gasoline and diesel at the pump while it imported at much higher prices, causing billions of dollars of debt annually.