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State-owned Brazilian bank invests $1.777 billion in biofuels

The fact that the ethanol industry is heavily subsidized does not come as a surprise for our readers. Take the case of Brazil, where the National Bank for Social and Economy Development (Bndes) is funding the biofuel industry with $1,777 billion US this year, which is 58.4 percent more than in 2006. Brazil has already replaced 25 percent of its gasoline use with ethanol. The country is ready for a mandatory 2 percent biodiesel blend from January 1st as well. So there's a market for all these biofuels. Bndes is keeping an "active portfolio" of ... Read more →

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