Brazil Petrobras to invest $20m to develop material for biodiesel

01 March 2013 14:50  [Source: ICIS news]

CAMPINAS, Brazil (ICIS)--Brazil state-run oil company Petrobras expects to invest Brazilian reais (R) 40m ($20m, €15m) by 2016 for the development of raw material for biodiesel, the company said on Friday.

Earlier this week, Petrobras Biocombustivel director Alberto Fontes said the company is investing in research to expand the productivity of oleaginous for biodiesel.

"Today, the country has 58 plants operating with a capacity of 7bn litres of biodiesel/year," he said.

The executive said Brazil surpassed Germany in 2012 in the production and domestic consumption of biodiesel, lagging behind just the US.

($1 = €0.77; $1 = R1.99)

By: Leo Siqueira
+1 713 525 2600

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