Brazilian energy giant Petrobras, through its wholly-owned subsidiary Petrobras Biocombustível, will invest a massive $2.5 billion between 2011 and 2015 to increase production of biodiesel and ethanol. This hefty chunk of change is part of $4.1 billion Petrobras earmarked for its biofuels operations, which includes $1.3 billion for ethanol logistics and $300 million for biofuel research.
Challenged by fluctuating oil prices and stricken with poverty, Ethiopia is searching for a way to boost the nation's economical situation and perk up the country's poor living conditions. Some Ethiopian leaders believe that the solution lies in renewable fuels.
From 2008 to 2009, biodiesel production in the European Union (EU) jumped 16.6 percent, bringing total output up to nine million tons, according to data released by the European Biodiesel Board (EBB). The increased production further cements the EU's position as the worldwide leader in biodiesel production. Though a 16.6 percent increase in biodiesel production is substantial, it is dwarfed by the swelling increases witnessed in year's past. The EU's year-over-over increases in biodiesel product
A couple of years ago, biodiesel production appeared to have a very bright future. World oil prices were on the rise, the price of petroleum diesel was moving past gasoline and every automaker seemed to be on the verge of introducing new diesel engines to the U.S. market. A federal tax credit of $1 per gallon for biodiesel producers prompted the launch of dozens of production facilities. But then it all went pear-shaped. The combination of the global financial melt-down causing a collapse in sal