Petrobras, Galp Energia invest in biodiesel plan

By Ryan C. Christiansen | October 14, 2008
Web exclusive posted Oct. 16, 2008 at 4:02 p.m. CST

Brazilian oil company Petróleo Brasileiro S/A (Petrobras) and Portuguese oil company Petróleos e Gás de Portugal SGPS S.A. (Galp Energia) signed an investment agreement Oct. 10 to jointly produce, market, and distribute 150 MMgy of biodiesel. The agreement calls for producing half of the biodiesel in Portugal and the other half at a location to be determined. The biodiesel will be marketed primarily in Portugal and Spain. The companies plan to jointly create and invest in a new company as equal partners for the venture.

The agreement, dubbed the Belém Project, was signed in a ceremony held at Torre de Belém, a fortified tower in Lisbon, Portugal.
 
 
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