Petrobras To Spend $570M On Ethanol Business

Brazilian ethanol producerPetrobrasis planning to spend $570 million over the next five years for ethanol-industry acquisitions,Reutersreports. The money will go towards “possible acquisitions of operational assets”,Miguel Rossetto, head ofPetrobras Biofuels, said.

The $570 million outlay is 30% of the company’s likely expenditure of $1.9 billion in the ethanol business between 2011 and 2015. Petrobras looks to more than triple its sugar-cane ethanol output by the end of 2015 and double its share of the Brazilian market to 12%.

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