Brazil: Portugal’s Galp to team up with Petrobras to produce vegetable oil

18 April 2008

Rio de Janeiro, Brazil, 18 April – The president of Petrogal, a subsidiary of Galp Energia in Brazil, said Wednesday that the company soon expects to close a partnership deal with Petrobras for the annual production of 600,000 tons of vegetable oil, Folha Online has reported.
“The goal is take part of the raw material to Europe for biodiesel production,” Ricardo Peixoto said.

The European Union has determined that 5.75 percent of biodiesel should be added to traditional diesel by 2011.

“We still haven’t decided what raw materials will be used and how many industrial units will be needed to produce that volume. We are in final discussions with Petrobras and should announce the partnership shortly,” Peixoto stated during the 2008 Brazil/Portugal Seminar.

Petrogal has already invested US$270 million in Brazil and currently controls 10 percent of the Tupi field, 20 percent of Jupiter, 14 percent of Bem-Te-Vi and 20 percent of Caramba, in consortium with Petrobras and other companies. (macauhub)