Petrobras to make investment in Brazil
Date added: 2nd March, 2010 at 09:30
(view all articles from March, 2010)
Categories: Natural Resources
Oil company Petrobras is to make a further investment in Brazil, it has been reported.
The money will go towards enabling the firm to double production at its Candeias unit, which produces biodiesel.
In total, the investment in Brazil will be about $36.5 million (£24 million).
Currently, 108.6 million litres is produced at the site per year, with the aim being to increase that figure to 217.2 million litres.
The unit in the North East of Brazil, in Bahia, already produces 35.7 per cent of the company's renewable fuel output.
Biodiesel is already a huge business in Brazil, with legislation stating that each litre of diesel sold in the Latin American country must contain at least four per cent of the eco-friendly material.
This follows the news that Indian sugar company Shree Renuka has made an investment in Brazil totalling $1.2 billion (£779 million).
The firm has bought a 51 per cent stake in Brazilian ethanol producer Grupo Equipav.
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