Tokyo, Japan [Japan Corporate News Network] Mitsui & Co. and Petrobras (Petroleo Braseileiro S.A) want to promote and produce bio-ethanol and related products in Brazil. The companies have signed a memorandum of understanding to agree on a joint feasibility study to expand upon a previous three-party agreement with CVRD (Compania Vale do Rio Doce S.A). The need for bio-ethanol, an effective renewable fuel, is increasing. The world’s biggest bio-ethanol producer, Brazil produces 35% of the world’s supply and exports over 2 million kiloliters a year. Mitsui says it is hoping to secure a new energy source for the future and reduce green house gas (CO2) emissions.