Petrobras plans to up share in Brazil's ethanol market

Reuters
Fri May 6, 2011 2:23pm EDT

* State-run firm to account for 15 pct of production
* Increase follows government request

BRASILIA, May 6 (Reuters) - Brazil's state-run oil company Petrobras (PETR4.SA)(PBR.N) will expand its role in the production of ethanol, the energy minister Edison Lobao said on Friday, as the country tries to keep rising fuel prices at the pump from worsening inflation. Lobao said the company should boost its share of ethanol production to 15 percent of total output in Brazil over the
next four years from the present 5 percent. The country currently produces 28 billion liters of the biofuel annually.

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