Petrobras wants to become one of the biggest five oil companies

Petrobras continues saying they can be one of the most powerful oil companies in the world by means of biofuels. The truth is that the latest movements from Brazil and its state-owned oil company leave no doubt about their expansion intentions.
Now it's the turn of José Sergio Gabrielli, Petrobras CEO, who announced that the company is going to invest 112,400 million dollars between 2008 and 2012. 87 percent of this money will be invested in Brazil and the remaining in all the international projects the company has abroad (check our Related links to have a glimpse of a couple of them).

Among biofuels, which is our field of interest, Petrobras plans to use 1,500 million dollars to extend the use of biofuels, mainly ethanol. That's about one percent of the global amount, which is quite surprising due to the interest that Brazil attracts because of its ethanol industry. In words of Mr. Gabrielli: "By 2020, the energy matrix won't change much from today's in terms of coal, gas and oil percentages" but also he forecasted there would be "25 percent of biofuels in the world market, even if ethanol is not growing as expected."

He also added some very interesting information about Brazil's automotive energy market: 56 percent of Brazilians use ethanol, LPG or CNG on their cars and only a 40 percent use gasoline made by Petrobras.

[Source: El Universal via Econoticias]

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