Petrobras to increase investment in ethanol production

Petrobras announced that it will increase investments in ethanol production in Brazil to meet domestic demand. Miguel Rossetto, President of Petrobras Biocombustivel, said, “investments will grow strongly to address market needs.” According to the current investment plan, the company will invest US$1.9 billion in the next five years. Currently, the company holds shares in 10 mills, producing 942 million liters of ethanol. It expects to increase production to 2.6 million liters by 2014. (April 14, 2011)