Petrobras eyes 1bn-litre ethanol output at end-2010
(ADPnews) - Dec 14, 2010 - Brazil's federal oil and gas giant Petrobras (SAO:PETR3; NYSE:PBR) plans to close 2010 with an ethanol production of one billion litres (364.2 million gallons), according to the president of the company's sector arm Petrobras Biocombustivel, Miguel Rossetto.
Petrobras Biocombustivel follows the path to reaching an output of 2.6 billion litres of ethanol in 2014, a target included in Petrobras's business plan.
The company is well positioned on the market, between third and fourth among the biggest ethanol producers, Rossetto noted.
The executive also said that the subsidiary was planning to crush 23 million tonnes of sugar cane by the end of the crop year 2010/11.
The ethanol exports are still marginal compared to the domestic sales, but the company is following carefully the moves of the US Congress related to the proposed opening of the local market for Brazilian ethanol, he added.
Petrobras Biocombustivel plans to have invested USD 3.5 billion (EUR 2.613bn) by 2014, of which USD 2.5 billion in the production segment.
(USD 1.0 = EUR 0.747)