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The proposed $2.8 billion effort will get underway in 2009 and will allow Brazil’s state-owned Petrobras (Petróleo Brasileiro S.A.) to meet growing demand from foreign markets for both ethanol and biodiesel, the Manila Bulletin newspaper reports.
“Biofuels are among feasible alternatives to diversify the global energy matrix, and several countries already have legal mandates that require biofuels to be added to their fossil fuels,” according to Petrobras.
The company’s president, José Sergio Gabrielli de Azevedo , also stressed the importance of developing “stronger regulatory measures” in order to ensure that increased biofuel production did not “unduly contribute to food scarcity and trigger environmental problems”.
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