BP considers investing in Brazil ethanol

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 Rio de Janeiro confirmed the information but declined to give further details.

 

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 Philippines, Indonesia, Africa and the Caribbean, a top BP executive was quoted as saying.

 

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)

By: William Lemos
+1 713 525 2653

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