Petrobras will establish a biofuels subsidiary

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Xinhua Net, Rio de Janeiro, March 4 (Reporter: Xu Tao) The board of directors of Petrobras issued a statement on the evening of the 3rd, announcing that it would establish a biofuel subsidiary responsible for producing biofuels such as ethanol and biodiesel. The announcement states that the newly established biofuel company will take overall control of Petrobras’ biofuel production activities both in Brazil and abroad. The sales of ethanol and biodiesel will still be handled by Petrobras’ marketing department. 　Brazilian Petroleum Company’s development plan announced in 2007 stated that by 2012 it planned to invest $1.5 billion in the biofuel sector, engage in biofuel trade on a global scale, and strive to become Brazil’s largest biodiesel producer as well as a major ethanol manufacturer. Other places have fewer people and more land; they possess resources as well as the experience gained from the promotion of fuel ethanol. What about us?