01 November 2010 16:20 [Source: ICIS news]
HOUSTON (ICIS)--Petrobras said on Monday that it signed an ethanol supply agreement with Japanese trading firm Toyota Tsusho (TTC), which will use the biofuel as a feedstock for a bio-polyethylene terephthalate (PET) project in Taiwan.
The deal is worth $820m (€590m) and includes exports of 1.4bn litres of ethanol over 10 years, the Brazilian company said.
The agreement is the first long-term ethanol contract signed by Petrobras, which now partially owns some 900m litres/year of capacity under partnerships with Brazilian ethanol producers.
TTC plans to launch production of bio-PET in Taiwan at the end of 2011 with 200,000 tonnes/year of initial capacity, according to its website.
PET is mainly used for the production of synthetic fibres, with bottle-resin production as its next-largest application.
($1 = €0.72)
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