Petrobras CEO, Jean Paul Prates, revealed in a statement on his X page (previously known as Twitter) that Petrobras and Mubadala Investment Company, an Arab fund, will work together to complete the new corporate and operational setup of the Landulpho Alves Refinery in Mataripe, Bahia state. This collaboration is expected to be finished by the first half of this year. It’s worth noting that the refinery was sold to the Mubadala Capital group in the previous year.
During Jair Bolsonaro’s tenure as president, a sale occurred as part of a plan to divest from the state-owned company. When Luis Inácio Lula da Silva assumed office, Petrobras expressed its desire to repurchase refining assets in order to increase the country’s production. Prates revealed last year that Petrobras had received a proposal from Mubadala Capital, which aimed to form a strategic partnership to revive Petrobras’ operations in Landulpho Alves, while also expanding and strengthening the foreign group’s biofuels venture in Brazil.
Prates stated in a message on Tuesday (Feb. 13) that the collaboration with the Arabs has been going on for several months. He further added that specific information and the present status will remain undisclosed until the procedure reaches its conclusion.
The announcement came after a meeting in Abu Dhabi between Waleed Al Mokarrab Al Muhairi, the chairman of the board of Mubadala Capital, and Prates. The two have been in talks about the fund’s investments in Brazil since the start of last year. Al Muhairi, who is also Mubadala’s Deputy Group Chief Executive Officer, and Prates discussed the oil and gas industry and how the move towards renewable energy is affecting state-owned companies that typically operate in this sector.
As part of Petrobras’ plan to form strategic partnerships with similar companies, in line with the government’s approach to working with countries that have synergies with Brazil, negotiations are currently taking place. Jean Paul Prates expressed optimism about the ongoing dialogues and the potential for successful ventures that will benefit both Petrobras and Brazil. He believes that this year will bring significant accomplishments.
ANBA
