The recent hubbub about the Brazilian Senate’s passage of the Petrobras capital increase bill – followed by the announcement of the firm’s bloated US$224 billion 2010–14 budget and the delay of Petrobras’ share offering until September – may have diverted investors’ attention from the firm’s recent moves in Brazil’s ethanol sector.
Petrobras’ latest partnerships with two of the country’s leading sugar and ethanol groups – Acucar Guarani (announced in late April) and Sao Martinho...
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