Petrobras, PetroChina sign MOU

Brazil’s Petrobras and its biofuels subsidiary Petrobras Biocombustivel have signed a memorandum of understanding (MOU) with China’s PetroChina International Co. Ltd. to cooperate in the ethanol sector. Petroleo Brasileiro (Petrobras) said in a press release that it would undertake studies with PetroChina to evaluate the economic and technical feasibility of exporting Brazilian ethanol to China. The study would take up to six months, Petrobras said. Petrobras also said the Chinese were not only seeking Brazilian supplies, but may also invest in producing ethanol in Brazil. (December 23, 2009)