Brazil Petrobras mulls ethanol deal with S. Korea

10 December 2007 22:50  [Source: ICIS news]

HOUSTON (ICIS news)--Brazil’s state-run oil company Petrobras is in talks with South Korean conglomerate Samsung to form a joint venture in ethanol, Brazilian newswire Folha de S. Paulo said on Monday.

Petrobras will carry out technical, financial, and commercial studies with Samsung to supply South Korea’s future demand for the biofuel, according to a statement on Petrobras’ website posted after market hours on Friday.

South Korea is working to adopt a 10% ethanol blend in gasoline, Petrobras said, adding that initial South Korean demand for the biofuel is estimated at 400m litres/year.

Petrobras said South Korea is expected to add ethanol to its energy matrix in 2009. Brazil is the world's largest ethanol exporter and the second largest producer after the US.

By: William Lemos
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