Petrobras Biocombustiveis, subsidiary created by Petrobras to concentrate their ethanol and biodiesel operations, announced today losses of BLR 92 million, equivalent to $52 million, or Euro 38 million, in the fiscal year ended 31st December 2009, their first year in operation.
According to company statements, the loss is due to the fact that their three biodiesel plants, with 326 million litres per year combined capacity, went on stream in the second Quarter 2009 only and also to high feedstock prices in Northeastern Brazil, where two of their three plants are located.
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