Petrobras signed a Memorandum of Understandings (MOU) with Samsung to carry out ethanol production technical, financial, and commercial studies to supply South Korea market’s future demand for the product. The event was held this afternoon (12/07) at the company’s main office building, in Rio de Janeiro. Petrobras’ Downstream director, Paulo Roberto Costa, signed on behalf of the company, while Sun Young Kim, president of Samsung do Brasil, signed for Samsung.
South Korea is in a rather advanced stage for the adoption of a 10% ethanol mix with gasoline to comply with the commitments it took-on under the Kyoto Protocol, and is currently performing practical testing in a several regions.
South Korea is expected to introduce ethanol to its energy matrix in 2009, at a volume of 400 million liters per year.