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To: calgarydude who wrote (101066)	5/19/2008 3:14:44 PM
From: elmatador	Respond to of 206160

Cosan Jumps as Brazil May Protest U.S. Ethanol Tariff called on the government to protest a U.S. bill to extend a tariff on biofuel imports Cosan Jumps as Brazil May Protest U.S. Ethanol Tariff May 9 (Bloomberg) -- Cosan SA Industria & Comercio, the world's biggest sugarcane processor, led gains on the Bovespa index after the country's ethanol industry called on the government to protest a U.S. bill to extend a tariff on biofuel imports. Piracicaba, Brazil-based Cosan gained the most in more than a week, rising 4 percent to 27.75 reais. Sao Martinho SA, the country's second-biggest sugar and ethanol producer by market value, added 2.6 percent to 23.80 reais. Unica, the association representing over 80 percent of Brazil's sugar and ethanol producers, said the proposed bill includes provisions that would extend a tariff of 54 cent a gallon on imports of ethanol and ``broaden the trade discrimination against Brazilian ethanol.'' Brazil is the world's biggest ethanol exporter. ``Challenging this is in the interest of the government,'' said Peter Ping Ho, analyst at Planner Corretora in Sao Paulo. President Luiz Inacio Lula da Silva ``is always saying that ethanol is the way of the future, and he needs to guarantee buyers.'' Brazil is reviewing what action to take, including a World Trade Organization complaint, should the U.S. Congress pass the proposed restrictions and incentives, said Ambassador Roberto Azevedo, the general coordinator for trade disputes at Brazil's Foreign Ministry, in a telephone interview from Brasilia. Lula said today that Brazil should join the Organization of Petroleum Exporting Countries, a move that would lower the price of oil, the Spiegel Online news service said. Lula is also counting on biofuels such as ethanol made from sugar cane to help make the country self-sufficient in energy, the German news service said. About one-third of Cosan's revenue and two-fifths of Sao Martinho's revenue are derived from ethanol sales, according to Bloomberg data. To contact the reporter on this story: Paulo Winterstein in Sao Paulo at pwinterstein@bloomberg.net.