Petrobras establishes Suape as its export base for ethanol to Europe

In Brazil, Petrobras, the state oil company, has established Suape, a deepwater port in the northeastern state of Pernambuco near Recife, as its base for ethanol exports to Europe. The company has so far signed agreements for export of 2 million gallons of ethanol to Europe.

Last month in Europe, the price of wheat rose to a record $370.55 per metric ton, putting pressure on European ethanol profitability. Wheat-producing areas of Europe experienced drought in the spring and heavy rains during the summer, while heat and drought hit hard in Eastern European wheat growing areas such as the Ukraine.

Europe has traditionally lagged in ethanol production, but leads globally in production of biodiesel.

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