NEW DELHI, March 27 (UPI) -- Indian investment in Brazil will allow ethanol blending in gasoline to rise from 5 percent to 10 percent in October, Indian and Brazilian officials said.
"Indian companies can buy ethanol manufacturing companies, invest in cane farming and produce ethanol and send it back home," visiting Brazilian Minister of State for Industry and Foreign Trade Miguel Jorge said after meeting with Indian Petroleum and Natural Gas Minister Murli Deora.
Indian gasoline is 5 percent blended with ethanol to cut its oil import dependence. In Brazil, gasoline is 25 percent blended with ethanol. Deora said the government planned to double ethanol in gasoline to 10 percent from October.
He said state-run oil marketing companies were in talks with Brazilian firms for cane farming and ethanol production. Indian Oil Corp., Hindustan Petroleum Corp. and Bharat Petroleum Corp. will form a joint venture to start ethanol production in Brazil, he said.
