Mitsui, Petrobras to form bioethanol venture in Brazil

Petroleo Brasileiro S.A., or Petrobras, said Thursday it and Mitsui & Co have signed documents to set up a joint venture in Brazil to implement bioethanol-related projects, including one to export bioethanol to Japan. The venture, Participacoes Nippo Brasileira em Complexos Bioenergeticos S.A., will be owned evenly by the two partners, according to the Brazilian state-owned oil and gas company. Brazil property is the world's largest bioethanol exporter. Bioethanol can be produced from sugarcanes. The two partners will seek to ship the biofuel to Japan, where demand for the environmentally-friendly fuel is expected to rise due to the need to take measures to limit global warming.