Petrobras to Double Biofuel Output

Petrobras is planning to invest $3.5bn over the next four years to double its biofuels capacity.

The Brazilian state-owned company is planning invest the money to expand the capacity of its Petrobras Biocombustivel unit.

Petrobras Biocombustivel operates or has stakes in 14 biofuel plants, ten ethanol plants and four biodiesel.

The company plans to spend $2.5bn to boost ethanol and biodiesel production, with 80% of the investment earmarked for ethanol projects.

Petrobras will also invest $1bn on infrastructure development, including participation in a $3.3bn ethanol pipeline project, as well as R&D.

Petrobras Biocombustivel plans to increase ethanol production to 2.6 million cm³ and biodiesel production to 750,000 cm³ by 2014, according to Reuters.