Petrobras invests in Sao Martinho Group
With a vision to become a key player within the biofuels industry Brazil-based oil firm Petrobras is to invest $240 million (€195.7 million) in the Sao Martinho Group.
The investment is part of a $2.4 billion expansion plan by Petrobras.
Investing the funds through a joint venture called PBio Petrobras will acquire a 49% stake in two of Sao Martinho’s ethanol-producing facilities; the Boa Vista mill and its SMBJ Agroindustrial project, both located in the midwestern Brazilian state of Goiás.
Currently the Boa Vista plant has the capacity to crush 2.5 million tonnes of sugarcane each year but, due to increased investments, this is expected to rise to 7 million tonnes by 2014/2015.
Petrobras will soon own the rights to 49% output from these two facilities, which will go towards reaching its 2013 production target of 1.03 billion gallons.
The investment is part of a $2.4 billion expansion plan by Petrobras.
Investing the funds through a joint venture called PBio Petrobras will acquire a 49% stake in two of Sao Martinho’s ethanol-producing facilities; the Boa Vista mill and its SMBJ Agroindustrial project, both located in the midwestern Brazilian state of Goiás.
Currently the Boa Vista plant has the capacity to crush 2.5 million tonnes of sugarcane each year but, due to increased investments, this is expected to rise to 7 million tonnes by 2014/2015.
Petrobras will soon own the rights to 49% output from these two facilities, which will go towards reaching its 2013 production target of 1.03 billion gallons.
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