Bilateral Cooperation? Japan-Brazil $8 billion ethanol deal

A project between Brazil and Japan to supply Brazilian ethanol made from sugarcane exclusively to the Japanese market could cost $US8 billion, according to reports.

Brazil's Folha de S Paulo newspaper said the money would be used to take minority stakes in 40 ethanol distilleries across Brazil, ensuring Japan with a stable supply as it prepares to mandate an obligatory mix of ethanol in petrol.

The report quoting Petrobras executive Paulo Roberto Costa was the first time that an investment amount for the project has been disclosed.

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