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Non-Tech : The Brazil Board

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From: Julius Wong	5/9/2011 8:23:00 AM
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Diesel From Soy Sparks $560 Million Investment by ADM, Cargill By Stephan Nielsen - May 6, 2011 Archer-Daniels-Midland Co. (ADM), the largest grain processor, and Cargill Inc. are spearheading a push to invest about $560 million in new biofuel refineries in Brazil, a country that already has twice the capacity it needs. The U.S. agribusinesses have joined Brazilian companies that are expanding facilities in a bet the government will double to 10 percent the amount of biofuel that must be blended into petroleum-based diesel, driving up demand overnight. With oil above $100 a barrel, President Dilma Rousseff is looking for alternative fuels to fill trucks’ tanks and keep a lid on inflation. Expanding production would also boost the economy of Brazil’s impoverished center-west region, where most of the industry is based. The risk is the country will be awash in unneeded biofuel, said Roberto Rodriguez Labastida, an analyst at Bloomberg New Energy Finance. bloomberg.com

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