Search Results for 'petrobras'

Petrobras turns its back on biofuels now that it has divested

Petrobras turns its back on biofuels now that it has divested

April 19, 2017 |

In Brazil, now that Petrobras has divested from biofuels in its attempt to raise funds to pay off massive $100 billion debt, it has come out against the government’s new RenovaBio program meant to raise biofuel production and consumption, claiming that biofuels negatively impact forests and threaten food production. It continued by saying that biofuel […]

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Tereos finalizes purchase of Petrobras’ 45.9% Guarani stake

Tereos finalizes purchase of Petrobras’ 45.9% Guarani stake

February 7, 2017 |

In Brazil, Tereos made the $202 million cash payment and other conditions set out for the purchase of Petrobras’ 45.9% stake in Guarani, making the French company the 100% sole owner of Guarani’s eight sugar and ethanol assets in Brazil and Mozambique. The deal was agreed in December as Petrobras’ final divestiture from the ethanol […]

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Petrobras sells Guarani stake to Tereos for $220 million

Petrobras sells Guarani stake to Tereos for $220 million

December 29, 2016 |

In Brazil, Petrobras sold its 49% stake in Guarani to French sugarbeet cooperative Tereos for $220 million as part of its on-going asset divestment following several years of significant financial losses coupled with a very public corruption scandal. Tereos already owns the remaining 51% of the sugarcane company that owns seven mills producing ethanol and […]

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Petrobras sells 49% Nova Fronteira stake for $148.3 million

Petrobras sells 49% Nova Fronteira stake for $148.3 million

December 14, 2016 |

In Brazil, Petrobras has agreed to sell its 49% stake in Nova Fronteira to its joint venture partner Sao Martinho for $148.3 million as the latest step in Petrobras’ $15.1 billion asset fire sale funding its major debt buydown. The country’s federal auditing court recently put the brakes on some asset sales but the Sao […]

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Petrobras seeks to divest 45.9% Guarani stake by year’s end

Petrobras seeks to divest 45.9% Guarani stake by year’s end

October 20, 2016 |

In Brazil, Petrobras has hired Banco Itau BBA to sell its 45.9% stake in Guarani, the sugar and ethanol producer jointly owned by Tereos International that represents the oil company’s entire ethanol production capacity via seven mills. Tereos, which owns 54.1% of the sugarcane company, is the expected frontrunner to purchase Petrobras’ shares. It is […]

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Petrobras’ withdrawal from biodiesel could reignite interest in the industry

Petrobras’ withdrawal from biodiesel could reignite interest in the industry

October 17, 2016 |

In Brazil, Petrobras’ withdrawal from biofuel production isn’t expected to have an impact on the country’s biodiesel supplies as 50% of installed capacity is currently mothballed. Although policy is meant to support increased blending over time between the current 7% and 15% in 2020. Petrobras Biofuel’s participation in the bimonthly ANP auctions this year through […]

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Petrobras to shut down Ceará biodiesel plant from November

Petrobras to shut down Ceará biodiesel plant from November

October 10, 2016 |

In Brazil, Petrobras Biofuels, a subsidiary of Petrobras, will close down the biodiesel plant in Quixadá, Ceará, from November, in line with the company’s strategy to fully leave the production of biofuels, reported the state oil company on Friday. The company explained that the decision was communicated to employees, unions, customers and drive suppliers. The plants […]

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Petrobras may cut gasoline prices that would in turn hurt ethanol producers

Petrobras may cut gasoline prices that would in turn hurt ethanol producers

September 21, 2016 |

In Brazil, Petrobras may cut pump prices for gasoline and diesel for the first time since September 2015 to bring them inline with international competitors but doing so will put a major squeeze on ethanol producers. The state-owned company’s capacity to set prices has been liberated, allowing it to change prices from one day to […]

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Petrobras to back out from biofuels for good

Petrobras to back out from biofuels for good

September 20, 2016 |

In Brazil, Petrobras announced it will refocus its energies on the production of oil products and divest other industries where it participates including biofuels, if the market shows interest to buy its assets. The company owns significant minority shareholding in sugarcane ethanol plants with France’s Tereos International, run locally as Guarani. Petrobras has been reeling […]

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New Petrobras CEO may usher in a new era for ethanol industry

New Petrobras CEO may usher in a new era for ethanol industry

June 14, 2016 |

In Brazil, Petrobras’ new CEO says the days of government-subsidized gasoline will soon be over, boosting demand for flex-fuel vehicles and E100 hydrous ethanol to fuel them. Though the move is likely to create inflation pressure, the main reason for having continued the failed policy for slow long, it should stimulate demand for both domestic […]

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