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Petrobras and Japan Bank for International Cooperation Ink MOU for Biofuel Projects
6 March 2007
Petrobras has signed a Memorandum of Understanding (MOU) with the JBIC (Japan Bank for International Cooperation) to assess the possibility of financing for biofuel projects Petrobras is undertaking in association with Japanese companies both in Brazil and abroad.
The projects under evaluation include ethanol and biodiesel production and marketing, in addition to bioelectricity generation from sugarcane bagasse and opportunities to obtain carbon credits.
JBIC’s executive director said the bank intends to strengthen its relationship with Petrobras, “the biggest and best partner for biofuel projects, since the company detains technology for ethanol, biodiesel, and has a huge transportation structure.”
The long-term partnership between the bank and Petrobras has already resulted in financing for projects in the offshore, refining, and transportation areas for a total of $6.5 billion in investments.
Oil will continue being the planet’s main source of energy for quite a long time, but the world needs alternatives to this production. The partnership with JBIC will help us to position Petrobras on the forefront of biofuel production.—José Sergio Gabrielli de Azevedo, Petrobras President
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