Cosmo Oil to invest in bioethanol venture

Tokyo-based Cosmo Oil will invest 30 million yen (260,000 Euro's) in a bioventure company in eastern Japan to improve its activity to develop bioethanol.

Cosmo Oil will acquire a 40% equity stake in Kashiwa, Chiba Prefecture-based Biomaterial in Tokyo, which has technology to make cellulose-based ethanol.

The major oil distributor is aiming to develop technology to produce cellulose-based ethanol from non-food materials such as wood and rice straw.