30 December 2009 16:32 [Source: ICIS news]
Petrobras Biofuels - a subsidiary of the larger company - recently bought a 40.4% stake in Total Agroindustria Canavieira for $84m (€58.8m), according to reports.
Total Agroindustria Canavieira runs an ethanol mill in the Brazilian state of Minas Gerais with a capacity of 100m litres/year, and the partnership should allow the operation to more than double that to 203m litres/year. The mill produces ethanol from sugarcane.
Petrobras also signed a memorandum of understanding with PetroChina for a six-month study on developing ethanol production for the Chinese market.
Petrobras, originally a biodiesel producer, has announced plans to invest $2.4bn in biofuels through 2013.
($1 = €0.70)
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