PETROBRAS, Biofuel company creation
Posted on March 5, 2008 – 9:07 am | by oilandgaspress.com
(Rio de Janeiro, March 3, 2008). – PETRÓLEO BRASILEIRO S/A - PETROBRAS, [Bovespa:PETR3/PETR4, NYSE: PBR/PBRA, Latibex: XPBR/XPBRA, BCBA: APBR/APBRA], a Brazilian international energy company, announces its Board of Directors has approved the incorporation 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’s 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.
www.petrobras.com.br/ri/english
Contacts: PETRÓLEO BRASILEIRO S. A. – PETROBRAS
Investor Relations Department I E-mail: petroinvest@petrobras.com.br / acionistas@petrobras.com.br
Av. República do Chile, 65 – 22nd floor - 20031-912 - Rio de Janeiro, RJ I Tel.: 55 (21) 3224-1510 / 9947
Forward Looking Statement
This document may contain forecasts that merely reflect the expectations of the Company’s management. Such terms as “anticipate”, “believe”, “expect”, “forecast”, “intend”, “plan”, “project”, “seek”, “should”, along with similar or analogous expressions, are used to identify such forecasts. These predictions evidently involve risks and uncertainties, whether foreseen or not by the Company. Therefore, the future results of operations may differ from current expectations, and readers must not base their expectations exclusively on the information presented herein.
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