28 March 2007 22:30 [Source: ICIS news]
HOUSTON (ICIS news)--British Petroleum (BP) may enter Brazil’s biofuels market due to the low production costs of sugarcane-based ethanol, the country's press reported on Wednesday.
A BP spokeswoman in ?xml:namespace>
According to news reports, BP has earmarked $500m (€375m) to be invested in the sector during the next 10 years.
The company was also considering similar projects in the
Biofuels accounted for 3% of the world’s fuel market, but that figure would jump to 30% in 2030, the BP executive was reported as saying.
He said sugarcane-based ethanol would meet half of the world’s biofuel demand in 2030, according to local press reports.
($1 = €0.75)
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