RIO DE JANEIRO -(Dow Jones)- Brazil oil giant Petrobras and its biofuels subsidiary Petrobras Biocombustivel have signed a memorandum of understanding, or MOU,, with China's Petrochina International Co. Ltd. (PTR) to cooperate in the ethanol sector.
Petroleo Brasileiro (PBR, PETR4.BR), or Petrobras, said in a press release Wednesday that it would undertake studies with Petrochina to evaluate the economic and technical feasibility of exporting Brazilian ethanol to China.
The study would take up to 6 months, Petrobras said.
Petrobras said the move comes as large parts of China need to mix ethanol with gasoline and China has insufficient supplies.
Petrobras also said the Chinese were not only seeking Brazilian supplies but may also invest in producing ethanol themselves in Brazil.
-By John Kolodziejski, Dow Jones Newswires;
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