Partnership with Mitsui for investments in ethanol production

8/7/2008

Petrobras and Japanese outfit Mitsui & Co., Ltd. - Mitsui announced, this Wednesday (06/08), the decision to make joint investments in the sugarcane ethanol production project in the city of Itarumã, state of Goiás, in partnership with Itarumã Participações S.A. The investments will be made through the newly established Participações em Complexos Bioenergéticos S.A. – PCBios, Petrobras and Mitsui joint-venture.

The project foresees an annual production of 200,000 cubic meters of ethanol in an area of 32,000 hectares, in addition to power generation from sugarcane bagasse.

Petrobras and Mitsui decided to invest in the project considering its environmental and economic viability and on account of the major potential Brazilian ethanol exports have to meet the international demand for renewable energy and for energetic diversification to reduce greenhouse gas emissions.

Petrobras press release