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Petrobras signs contract with KL Energy for the development of technology for the production of cellulosic ethanol
Rio de Janeiro, August 25th, 2010 – Petróleo Brasileiro S.A - Petrobras, through Petrobras America, notifies that it has signed a joint development agreement with KL Energy Corporation (KLEG.PK, "KLE") for the optimization of KLE’s technology for the processing of cellulosic ethanol for the utilization of sugar-cane bagasse as a raw material.
As part of the contract, Petrobras will invest US$ 11 million to adapt KLE’s demonstration facilities to use bagasse and to validate, through tests, the process for the production of cellulosic ethanol.
In parallel, Petrobas and KLE will develop a cellulosic ethanol plant project on an industrial scale which will be completely integrated to a sugar-cane plant that belongs to the Petrobras Group in Brazil. The plant is scheduled to begin operating in 2013.The contract, whose initial term is of 18 months, provides for the mutual exclusiveness in the area of cellulosic ethanol development using sugar-cane bagasse, and offers Petrobras the option of obtaining a license for the use of KLE’s technology in the assets of the Petrobras Group.
www.petrobras.com.br/ri/english
Contacts: PETRÓLEO BRASILEIRO S. A. – PETROBRAS
Investor Relations Department I E-mail: petroinvest@petrobras.com.br / acionistas@petrobras.com.br
Av. República do Chile, 65 – 22nd floor - 20031-912 - Rio de Janeiro, RJ I Tel.: 55 (21) 3224-1510 / 9947
This document may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (Securities Act), and Section 21E of the Securities Exchange Act of 1934, as amended (Exchange Act) that merely reflect the expectations of the Company’s management. Such terms as “anticipate”, “believe”, “expect”, “forecast”, “intend”, “plan”, “project”, “seek”, “should”, along with similar or analogous expressions, are used to identify such forecasts. These predictions evidently involve risks and uncertainties, whether foreseen or not by the Company. Therefore, the future results of operations may differ from current expectations, and readers must not base their expectations exclusively on the information presented herein.
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PETRÓLEO BRASILEIRO S.A--PETROBRAS | ||
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/S/ Almir Guilherme Barbassa
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Almir Guilherme Barbassa
Chief Financial Officer and Investor Relations Officer |
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