Brazilian Biodiesel Giants Fight Over Sales Contracts

Law360, New York (July 9, 2008, 12:00 AM EDT) -- Brasil Ecodiesel, the largest producer of biodiesel in Brazil, sued PetrĂ³leo Brasileiro SA on Tuesday, alleging that it failed to follow through on a commitment to purchase biodiesel.

The lawsuit, filed in Rio de Janeiro, involves biodiesel purchase agreements struck between the two companies at auctions held in February and March, Brasil Ecodiesel said in a regulatory filing Wednesday.

Brasil Ecodiesel alleges that Petrobras promised to buy a certain amount of biodiesel at the two auctions, but failed to follow up on its commitment, the filing...
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