New Biofuel Company for Petrobras

Currently these operations are spread among several company areas and subsidiaries, which the comapny says is placing more pressure on the present management.

The new company, a wholly-owned Petrobras subsidiary, will absorb both ethanol production (CBios) and biodiesel input acquisition and processing, currently done directly by Petrobras, in addition to future investments.

This will coordinate all biofuel productive chain activities in Brazil and abroad.

Ethanol and biodiesel marketing and logistics, in Brazil and abroad, will remain under the Downstream area’s responsibility.

Petrobras’ Strategic Plan calls for global performance in biofuel marketing and logistics, leading the Brazilian biodiesel production, and boosting its share in the ethanol business, with investments forecasted at $1.5 billion up to 2012.

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