Petrobras wants to ramp up ethanol production but admits that future investment in the fuel will depend on the price of oil. "We are planning to grow in our ethanol production, and I believe in five years we can be the No. 1," said Petrobas President Gracas Silva Foster at the Brazil-U.S. Partnership for the 21st Century conference in Washington, D.C. But "the oil price will define the time for ethanol, since a lot of investment is necessary to produce ethanol," Foster said.

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