Petrobras Creates Biofuel Subsidiary
OilVoice:
Petrobras announces its Board of Directors has approved the creation of a company, a wholly owned Petrobras subsidiary, to undertake Biofuels activities. These attributions are currently spread among several company areas and subsidiaries, rendering management more difficult to perform.
The new company will absorb both ethanol production (CBios) and biodiesel input acquisition and processing, currently done directly by Petrobras, in addition to future investments. The purpose of this incorporation is to coordinate all biofuel productive chain activities in Brazil and abroad.
Ethanol and biodiesel marketing and logistics, in Brazil and abroad, will remain under the Downstream area of responsibility.
Petrobras’Strategic Plan calls for global performance in biofuel marketing and logistics, leading the Brazilian biodiesel production, and for boosting its share in the ethanol business, with investments forecasted at $1.5 billion through 2012.
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