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Petrobras Pays $128M For Boidesel Producer

Petrobras has acquired a 50% stake in Brazilian biodiesel company BSBIOS Industria e Comercio de Biodiesel Sul Brasil.

Petrobras has acquired a 50% stake in Brazilian biodiesel company BSBIOS Industria e Comercio de Biodiesel Sul Brasil, The Wall Street Journal reports. The state-owned energy-company paid a total of $128.4 million for the acquisition.

As a part of the transaction, the buyer seeks to spend around $3.5 billion through 2014 to boost biofuels output. Petrobras is seeking partnerships and acquisitions in the biofuels sector to more than double output by 2014.

Click here for the story from The Wall Street Journal.

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