Petrobras and Mubadala Capital Group to explore biofuel opportunities

Petrobras has announced that it has signed a memorandum of understanding with MIC Capital Partners (Brazil Strategic Opportunities), a Multistrategy Equity Investment Fund of the Mubadala Capital Group, to develop studies covering future business in the downstream segment, with emphasis on evaluating Petrobras’ participation in a biorefining project.

The Mubadala Capital Group is in the process of developing an integrated biorefinery project in Bahia, focusing on the production of renewable diesel and sustainable jet fuel.

‘The memorandum of understanding is aligned with the strategic elements of the 2024-28 Strategic Plan, which aim to prepare Petrobras for a more sustainable future, contributing to the success of the energy transition,’ Petrobras said in a statement today (4 September).

‘The initiative of Petrobras’ profitable portfolio diversification will contribute to the plan of reducing operational greenhouse gas emissions.’

Image: Shutterstock

Rhys Berry