Petrobras inks biofuel deal with Ecopetrol

18 October 2006 23:37  [Source: ICIS news]

HOUSTON (ICIS news)--Brazilian oil giant Petrobras said on Wednesday it has signed an agreement with Colombia’s Ecopetrol for joint development in the biofuel area.

Under the agreement, Petrobras and Ecopetrol will study biofuel business opportunities during the next 12 months. Among the proposals were production, marketing, transportation and biofuel research, said the Brazilian company.

The agreement came as Colombia was consolidating its position as a biofuels producer, said Petrobras, adding that ethanol production in Colombia was estimated at around 1m litres/day.

Brazil’s ethanol production was expected to increase by 9% to 17.4bn litres in the 2006-2007 crop year, Sao Paulo consulting firm Datagro said on Wednesday.

By: William Lemos
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