24-12-09 Chinese oil giant PetroChina and Brazil's state-owned oil and gas conglomerate Petrobras signed a Memorandum of Understanding (MoU) to assess the technical and economic feasibility of launching ethanol production projects in Brazil.
According to the MoU, projects of ethanol production in Brazil would be developed in partnership between PetroChina and Petrobras's subsidiary, Petrobras Biofuels (PBio).

Meanwhile, other projects aimed at exporting Brazilian ethanol to China could be carried out through cooperation between PetroChina and Petrobras.
China is the world's second-biggest energy consumer after the US.