Brazil's Petrobras To Set Up Ethanol Distributor With 5 Partners

FoxBusiness.com
By Diana Kinch
Published November 12, 2010
Dow Jones Newswires

RIO DE JANEIRO -(Dow Jones)- Brazilian oil-and-gas giant Petroleo Brasileiro SA (PBR, PETR4.BR), or Petrobras, said it signed an accord with five companies to set up a network for distribution and storage of ethanol and other liquids.

A new company with an initial capital of BRL100 million ($58 million) will be established to develop the network in an integrated fashion, Petrobras said in a statement late Friday.

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