IOC, HPCL, BPCL shelve investment plans in Brazil

State-run Indian Oil Corp. (IOC), Hindustan Petroleum Corp. Ltd. (HPCL) and Bharat Petroleum Corp. Ltd. (BPCL) have shelved plans to invest in sugarcane farms in Brazil. The companies wanted to acquire sugarcane acreage and put up ethanol manufacturing units in Brazil, but decided not to due to the economic slowdown. IOC, BPCL and HPCL were working on deals to acquire 15% to 35% stakes in two of the largest Brazilian integrated ethanol players—Louis Dreyfus Commodities e Bioenergia SA and Infinity Bio-Energy—and 50% equity in new projects of smaller firm Rezek Energy in order to form a joint venture for ethanol investments. (February 25, 2009)