The Brazilian company” Petrobras “said that it is studying the offer of the UAE “Mubadala Capital” to establish a possible strategic partnership for the development of an oil refinery, as well as a biofuel refinery, both in the state of Bahia.
Petrobras said in its statement that it has received a letter from” Mubadala Capital ” proposing to formalize the recent discussions on a possible strategic partnership for the development of the manufacturing sector in Brazil, in accordance with the memorandum of Understanding issued on September 4, 2023.
Petrobras said that Mubadala Capital-which, through acelen, controls the mataripe fuel refinery and acelen Energia renovavel biofuel company through acelen, has outlined in their correspondence the main terms and conditions of the potential partnership, and will also “evaluate the acquisition of a stake in these assets,” Petrobras reported.
In September 2023, Petrobras signed a memorandum of understanding with Mic Capital Partners, Mubadala Capital’s Multi-Strategy Investment Fund to develop studies covering future business in the manufacturing sector, with a focus on evaluating Petrobras ‘ participation in a biorefining project.
The processing capacity of the refinery “matarep”, located in Sao Francisco do Conde, Bahia state, is 333 thousand barrels per day, its assets include four storage terminals, a set of pipelines connecting the refinery to the terminals, the total length of which is 669 kilometers.
It should be noted that “Mubadala” had bought the refinery “matarep” for 1.8 billion dollars two years ago, under the previous management of Brazil, from Petrobras. President Luiz Inacio Lula da Silva pledged during his election campaign to prioritize refining. Petrobras CEO Jean-Paul Prats vowed to stop the “irrational” exits, Bloomberg reported.
The integrated bio-refining project includes units for the production of renewable diesel and sustainable aviation kerosene from vegetable oils from local crops, operating in the states of Bahia and Minas Gerais.