In Brazil, Reuters reports that “Brazil’s state-controlled oil company Petrobras cut gasoline prices at refineries in the country by almost 10% on Thursday, the first cut since last week’s oil price collapse, a move that could boost sugar production and reduce ethanol output.” The oil company, which has a near refining monopoly in Brazil, reduced […]
In Brazil, Petrobras reports that its wholly owned subsidiary Petrobras Biocombustíveis S.A. (PBio) has started the opportunity disclosure phase (teaser) related to the joint sale of all its shares in BSBios Indústria e Comércio de Biodiesel Sul Brasil S/A (“BSBios”). PBio holds a 50% stake in BSBios and will sell it together with its partner, […]
In Brazil, Reuters reports that local newspaper Valor Economico says Petrobras’ fuel distribution arm BR Distribuidora is looking to widen its product offering to clients by exploring the creation of trading desks for electricity, natural gas and ethanol. The distribution arm saw 30% of its shareholding sold in a share offering three months ago, raising […]
In Brazil, Petrobras signed a contract to sell its 50% stake in Belem Bioenergia Brasil to Galp Bioenergy BV, which holds the other 50% stake in the company. According to the Petrobras press release, the transaction value is R$ 24.7 million (about $6.3 million), which will be retained by Galp until December 2020 for potential […]
In Brazil, Bloomberg reports that a supreme court justice has put the brakes on Petrobras’ divestiture of its biofuel and other assets, saying that the privatization of those assets requires congressional approval. The company beleaguered by scandal and billions in debt has been trying to sell off its ethanol and biodiesel assets. The report did […]
In Brazil, the CEO of BSbios told Reuters he will exercise his preferential right to buy Petrobras’ 50% share in the company via his R.P.Bio company. The rights are outlined in the shareholder agreement. With the government moving forward the B10 blending mandate a year earlier from B8 previously, he said he was positive about […]
In Brazil, Petrobras sold its remaining 24 million shares in Sao Martinho, worth 6.59% of the company, at an auction held at the Sao Paulo B3 exchange for $137 million. The companies had previously collaborated on ethanol plants but Petrobras backed out in 2016 as it began reorganizing its assets that later became a fire […]
In Brazil, Agencia Brasil reports that Petrobras has been working to develop a microalgae-based biodiesel technology despite its financial troubles and its exit from ethanol. Preliminary results from lab tests by the ANP agency done on the fuel have been positive. A demonstration scale facility in Extremoz, Rio Grande do Norte state has storage tanks […]
In Brazil, Petróleo Brasileiro S.A. (Petrobras) is joining the Switzerland-based Oil and Gas Climate Initiative, whose member companies represent more than a quarter of the world’s oil and gas production. OGCI aims to speed and scale up initiatives taken by member companies to reduce the greenhouse gas footprint of their core oil and gas business […]
In Brazil, Petrobras is continuing with its divestiture plans by getting rid of its 50% stake in BSBios that owns two biodiesel plants in Rio Grande do Sul and Paraná with a total installed production capacity of 288,000 cubic meters. The company’s other 50% is held by R.P. Biocombustiveis Holding who has first right to […]
