New Brazil company to invest in oil, biofuel projects

29 August 2012 00:59  [Source: ICIS news]

CAMPINAS, Brazil (ICIS)--Brazil bank Brasilinvest has launched a new company to invest in oil and biofuel projects, it said.

Brasilinvest Oil, Gas and Biofuel (BOB) will be lead by Paulo Roberto Costa, a former director of Petrobras.

"The first aim of BOB is to develop a portfolio of projects and investments on the area of oil, gas and biofuel. The main strategy is to concentrate part of those investments here in Brazil attracting international and national partners for this goal.”, said a spokesperson for the company.

The new company was launched amid rising interest in sugarcane-based ethanol as well as massive offshore oil reserves.

"The projects we are looking to invest in are the ones with a minimum budget of reais (R)150m [$74m, €60m]", said Daniela Abade, communications director at Brasilinvest Group.

Abade said there were no specific ethanol projects yet in the company's portfolio, but  it was aiming at having some.

"Now we are not excluding the investment [in] developing of new technologies, but we are concentrating our first investments on projects that have already a mature and developed technology", Abade said.

BOB expects to have a role as a conduit for international investors on oil, gas and biofuel in Brazil and also for Brazilians investors, the company said.

($1 = R2.03) ($1 = €0.80)

By: Leo Siqueira
+1 713 525 2600

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