Petrobras has signed a Memorandum of Understanding with the Japan Bank for International Cooperation (JBIC), to assess the possibility of financing for biofuel projects it is undertaking in association with Japanese companies both in Brazil and abroad. The deal was signed on Monday (5th March) on behalf of Petrobras by president, José Sergio Gabrielli de Azevedo, Downstream director, Paulo Roberto Costa, and by its Financial & Investor Relations Director, Almir Barbassa. 

The projects under evaluation include ethanol and biodiesel production and marketing, in addition to bioelectricity generation from sugarcane bagasse and opportunities to obtain carbon credits.

JBIC's executive director said the bank intends to strengthen its relationship with Petrobras, "the biggest and best partner for biofuel projects, since the company detains technology for ethanol, biodiesel, and has a huge transportation structure."

The long-term partnership between the bank and Petrobras has already resulted in financing for projects in the offshore, refining, and transportation areas for a total of $6.5 billion in investments. To president Gabrielli, signing the memorandum with JBIC will contribute to producing alternate sources of energy, a growing market demand. "Oil will continue being the planet's main source of energy for quite a long time, but the world needs alternatives to this production. The partnership with JBIC will help us to position Petrobras on the forefront of biofuel production."