If you don’t have land to produce but you need energy, you can finance other countries that can produce to meet your market needs, Lula said, referring to China.
Brazil is the only country in the world where nearly 90% of all cars sold are flex-fuel — they can run on gasoline, 100% ethanol, or a blend.
Lula also said that it is possible that another agreement between China Development Bank and Petrobras will be signed during his visit.
The China Development Bank signed a deal in February to extend a $10 billion credit line to Brazilian state-owned oil company Petrobras in exchange for 100,000 to 160,000 barrels per day of oil supplies to state firm China National Petroleum Corp and to Sinopec.
