Clean Energy Brazil, a biofuel fund that hopes to consolidate Brazil's booming ethanol-producing industry, expects to raise up to $600 million in ethanol funding.



85% of new car sales in Brazil are flex-fuel cars which can run on 100% ethanol. "Brazilian sugar cane ethanol is the future. The world is waking up to the new energy revolution, and nowhere else on earth can supply significant volumes of ethanol at a production cost of less than $40/barrel oil equivalent." Says Clean Energy Brazil.

In another story by Brazzil magazine;
Brazil has developed a new diesel fuel mixed with vegetable oils that will sharply reduce its need for imported diesel, the state-run oil company Petrobras, Petróleo Brasileiro SA, said Brazil "will be the most important country for renewable energy. Nobody will compete with us."

Petrobras predicted that three refineries would produce the new fuel by 2007. The company declined to reveal its investment or expected production but said diesel fuel imports would decline "initially by 250 million liters a year."