PetroChina, the world's third most valuable company as of the second quarter of 2011, says it will add 1.1 million tons of biofuel production capacity by 2015, according to a company official who spoke with Reuters. Additionally, PetroChina says it will import 470,000 tons of biofuels by 2015, as China aims to make use of more alternative fuels.
Of the 1.1 million tons of production capacity, PetroChina says ethanol will be its fuel of choice, with production of the grain-based fuel set at 933,000 tons a year. Meanwhile, annual biodiesel production will rise to 165,000 tons, says Fu Xingguo, deputy chief engineer of PetroChina's Petrochemical Research Institute.

The biofuel imports, likely from countries such as Brazil and the U.S., will be blended with gasoline and sold in southern Chinese provinces. PetroChina currently has limited biofuel production capacity.

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