Petrobras blames US, EU barriers for ethanol export fall
Brazilian state-owned oil and gas giant Petrobras Wednesday blamed the protectionist tariffs charged by the US and EU markets for the fall in the company’s ethanol exports.
Petrobras Executive Manager of Energy Development Mozart Schmitt Queiroz said Brazilian President Luiz Inacio Lula da Silva „has made a big effort” to lower the trade barriers, but that has not brought about any concrete results. Some ethanol shipments to the United States and the European Union were cancelled this year due to their protectionist measures, Queiroz said, adding such measures contradicted the principle of trade liberalization favored by both at international forums. He said the United States, „adopting a policy aimed at creating jobs” at home, would rather produce ethanol from corn at a greater cost than import Brazil’s sugarcane-made ethanol. Petrobras plans to invest $1.5 billion in bio-fuel projects by 2012 to boost its competitiveness in the emerging industry. (people.com.cn)
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.