Shell to make $1.625 bn investment in Brazil
Date added: 2nd February, 2010 at 09:43
(view all articles from February, 2010)
Categories: Natural Resources
Oil company Royal Dutch Shell has joined forces with Cosan SA Industria & Comercio to make an investment in Brazil's ethanol resources.
As part of the joint venture, Shell will make a $1.625 billion (£1 billion) cash investment in Brazil over two years.
The deal will make Shell one of the biggest sugar cane producers in the world and give the company access to one of the world's largest biofuels markets, with most Brazilian cars running on a mixture of ethanol and petrol.
Mark Williams, head of Shell's downstream business, said the investment in Brazil was the correct one for the company to make.
He said: "We're looking forward to joining with a leading company in Brazil to meet the needs of retail and commercial fuels customers in that growing market."
This latest investment in Brazil comes after Shell announced in December last year that it had produced more than one million barrels of oil at the Parque das Conchas oilfield off the coast of the Latin American country.
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