Petrobras acquires 50% stake in BSBIOS

Brazil’s state-owned energy company Petrobras has acquired a 50% stake in the local biodiesel company BSBIOS Industria e Comercio de Biodiesel Sul Brasil S.A. The acquisition reportedly cost Petrobras US$128.4 million. BSBIOS currently produces 160 million liters of biodiesel per year, produced from vegetable oils. A company statement said, “This acquisition consolidates Petrobras’ leadership in the biofuels sector.” Petrobras has set a goal of doubling its output of biofuel by 2014 and will spend US$3.5 billion through 2014 in an effort to achieve that goal. (July 2,2011)