Petrobras released information that the company's board approved the creation of a joint venture with Galp Energia, from Portugal, intended to produce biodiesel in Portugal.
Production, which is due to start in 2015, will be of approximately 250,000 tonnes/year, 100% targeting the European market. Total investment is estimated as Euro 178 million.
The new biodiesel plant will use palm tree oil to be produced in Brazil as feedstock. The joint venture will invest in new palm tree plantations.
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