In Brazil, Reuters reported that Brazilian state-run oil company Petrobras is in talks with Raizen, BP and Inpasa for a possible joint venture in ethanol.
Petrobras is in talks with four or five firms in the ethanol business, Chief Executive Magda Chambriard told analysts on Friday during a call to present the company’s $111-billion strategic plan for 2025-2029, according to the report.
“We have to do something big, compatible with the size of Petrobras, and we are talking to some market players,” the executive said.
“We are returning to ethanol in order to be a relevant operator,” said Chambriard, adding she saw no reason for the company not to be in it, as ethanol is the main competitor to gasoline, a fossil fuel set to lose market share, according to Petrobras.
The firm plans to invest around $2.2 billion in ethanol distilleries in the next five years, said director of energy transition Mauricio Tolmasquim.
The report also noted that Petrobras has not yet decided whether it would focus on ethanol made from corn or from sugarcane.
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Tags: Brazil, ethanol, Petrobas
Category: Fuels
