Petrobras seals deal for sale of 50% stake in biodiesel producer – Renewables Now

December 24 (Renewables Now) – Brazilian state-controlled company Petroleo Brasileiro SA (BVMF:PETR4), or Petrobras, has inked an agreement to sell its 50% indirect stake in local biodiesel plants operator BSBios.

The oil giant’s wholly-owned unit Petrobras Biocombustivel SA (PBio) and the buyer, RP Participacoes em Biocombustiveis SA, have signed the deal on Wednesday.

The transaction is valued at BRL 322 million (USD 61.7m/EUR 50.6m) and the amount will be deposited in an escrow account. About BRL 255 million will be withdrawn by the seller at closure. The portion that remains in the account will be used for the compensation of eventual contingencies.

BSBios owns two biodiesel plants in Passo Fundo, Rio Grande do Sul, and in Marialva, Parana. Each of the facilities has an annual biodiesel production capacity of 414,000 cubic metres (14.6 million cu ft).

(BRL 1.0 = USD 0.192/EUR0.157)

Leave a Reply

Your email address will not be published. Required fields are marked *