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Petrobras Outlines $2.4 Billion Biofuel Investment

11:45 AM MST | March 6, 2009 | REBECCA COONS

Petrobras Biocombustivel, the biofuel subsidiary of state-owned oil firm Petrobras (Rio de Janeiro, Brazil), has revised its investment plan, aimed at increasing biodiesel and ethanol production capacity through 2013, to a total of $2.4 billion. An additional $400 million will be spent on infrastructure including ethanol pipelines and $530 million for biofuel research, Petrobras says. Bio-boost: Revised business plan raises biofuel production targets. The company’s previous business plan had allocated $1.2 billion for 2008-12, Petrobras says. The company...

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