Petrobras nearly doubles 5-yr biofuel investments

26 January 2009 21:20  [Source: ICIS news]

HOUSTON (ICIS news)--Brazilian state-run oil company Petrobras said on Monday it would invest $2.8bn (€2.2bn) in biofuels during 2009-2013, an 87% increase compared with $1.5bn in its previous five-year investment plan.

Petrobras said ethanol would take 85% of the investments in the next five years, with biodiesel accounting for the remaining 15%.

The oil company said it planned to invest in local ethanol production while developing new markets for the sugarcane-based biofuel abroad.

Petrobras expects to export 4.22bn litres of ethanol by 2013, a near fourfold increase from 1.08bn litres in 2009, according to its investment plan.

On the biodiesel side, Petrobras said it planned to focus on local production, giving priority to feedstocks from crops produced by small, family-based farms.

($1 = €0.77)

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By: William Lemos
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