Statoil, Petrobras partner for biodiesel manufacturing

By Jessica Ebert | November 01, 2007
In mid-September, Norwegian oil and gas company Statoil ASA and Brazilian oil company Petrobras signed a memorandum of understanding to explore the development and production of biofuels.

Although the companies presently have several partnership agreements in place in Brazil, Angola, Nigeria and the Gulf of Mexico-including a technology partnership for oil drilling, exploration and sub-sea operations-the new, long-term collaboration involves the joint pursuit of biofuel ventures. The two companies intend to cooperate on technology research and development for biodiesel manufacturing, as well as ethanol production from lignocellulose in Brazil and internationally. "Statoil and Petrobras have high international growth ambitions," said Helge Lund, Statoil president and CEO. "The agreement opens new strategic opportunities to achieve our goals. Through a partnership with Petrobras, we will gain new experience from one of the world's most well-developed biofuel markets."

In addition, the memorandum includes measures to guarantee the sustainability of biofuel production by assessing the socio-environmental impact of production. "Both companies emphasize responsible behavior, which safeguards society and the environment, as well as [the creation of] value for the community at large," Lund said.

After Statoil signed the agreement with Petrobras, it merged with Norweigan hydrogen generator manufacturer Norsk Hydro ASA, a change officially made Oct. 1. The two entities created StatoilHydro, an energy group of 31,000 employees in 40 countries. Lund will continue to hold his CEO responsibilities.
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