Is OPEC entering the ethanol market?
Could OPEC be looking to go green? Or is the cartel warily keeping an eye on a possible competitor? Edmund Daukoru, president of OPEC and also the oil minister of Nigeria, recently met with Petrobras CEO Sergio Gabrielli. Apparently Petrobras, which is owned by Brazil, is looking into importing liquid petroleum gas (LPG) from Nigeria. Brazil imports LPG from neighboring Bolivia, which has been steadily increasing its prices. But it's Daukoru's interest in the world's ethanol capital that's of interest. He is meeting with Petrobras to discuss importing ethanol into Nigeria while the African nation looks into building its own ethanol production.
Note that Nigeria, as the U.S.' fifth largest source of imported oil, is not facing a fuel shortage. Is Daukoru's visit a harbinger of the future? Or mutual economic policy?
[Source: Associated Press via Houston Chronicle, Wikipedia]
Reader Comments (Page 1 of 1)
ola onikoyi 6:07AM (9/10/2006)
If Opec Goes into the Ethanol Market,then it has already lost focus of its own Creation and its duties,
I suspect Doukorou's Mutual partnership with Brazil is to Facilitate a strong Ethanol Partnership Between Brazil and Nigeria,it is quite Intresting to know thatNigeria is taking giant steps to be a World's Major Ethanol Producer.
whch will obviously Help the country in reating more Job ,Export,Foreign Exchange and economic Vibrancy..
Reply