Brazil's Petrobras CEO: Return of Ethanol to Resolve Gasoline Imports

Fox Business
Published August 07, 2012
Dow Jones Newswires

Brazilian state-run oil giant Petroleo Brasileiro (PBR, PETR4.BR), or Petrobras, expects a recovery in the country's sugarcane ethanol production in the next two years to "resolve" its need for gasoline imports, Chief Executive Maria das Gracas Foster said Tuesday.

In a press conference, Ms. Foster said she believes Brazil's ethanol output, which has been in decline for the past two years because of weak cane harvests, should be "back" by 2014.

"What I hear from the cane millers, with whom I have very little contact...is that there's a positive expectation that alcohol will start coming back next year and that by 2014 it will be present," Ms. Foster said.

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