In Brazil, Petrobras was informed that it was exempt from complying with local content requirements for all parts of the hull and some parts of the plant for their Libra Pilot project. Petrobras is the operator of the Libra consortium and was notified by the National Petroleum, Natural Gas and Biofuels Agency (ANP) of its […]
In Brazil, for the second time in less than a month, Petrobras as lowered the gasoline price that is turn further pressures ethanol demand and pushes the ethanol parity level with sugar well below 13 cents. Despite hydrous ethanol prices being 68% of gasoline prices during the week ending June 10, the lowest since September […]
In Brazil, ethanol prices may be forced to fall even further in line with Petrobras’ cuts to gasoline prices. On Thursday the oil major announced a 5.4% price cut effective immediately, meaning a 2.4% price drop at the pump. The latest figures from the energy agency ANP show that hydrous ethanol prices had fallen below […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
