Petroleo expands biofuel operations
Petroleo Brasileiro SA is to open a new biofuels unit as it pays heed to the global trend for renewable energy, which may interest those drawn to property for sale in Brazil due to the country’s economy.
According to Bloomberg, the new unit will oversee five years of investment worth $1.5 billion (£750 million) in the production of ethanol.
The new unit’s head, Alan Kardec Pinto, told the news provider that the firm hopes the Petrobras Biocombustivel venture will achieve an annual output of 4.75 billion litres by 2012.
Along with Japanese firm Mitsui, Petrobras Biocombustivel has purchased a ten per cent share in a mill in the centre-south of Brazil, with plans to oversee three other plants which create fuel from soybeans, sunflower seeds and other vegetables.
The news provider also revealed that the firm exported around 800 million litres of ethanol last year, which it bought from other suppliers – but now plans to stock most of its exports from mills in which it owns stakes.
Earlier this month, Petrobras announced it had hit a production high for June, producing 1,867,000 barrels of oil a day – a 4.2 per cent increase on the year before.
