Petrobras to invest $4bn in biofuels

Brazil's energy giant Petrobras is looking to produce 5.6 billion litres of ethanol by 2015, according to Miguel Rossetto, CEO of the company's biofuel division Petrobras Combustíveis.

The ramp up would see Petrobras obtain 12% of the domestic market. The company had a 3.3% share in the market last year, after it manufactured 1 billion litres of ethanol.

Between now and 2015, Petrobras has set aside $1.94 billion (€1.4 billion), which will be invested solely in the ethanol market. Seventy percent of this will be go towards increasing production, including the construction of new mills and distilleries.

Petrobras Combustíveis plans to invest a total of $4.1 billion throughout this five-year period, $2.8 billion of which will be put towards production and research, while $1.3 billion will be invested in supply logistics.