Brazilian state-run oil company Petrobras is seeking to accelerate its exit from the biofuels segment and has started the process to sell a large stake in BSBios Biodiesel, Kallanish Energy reports.
The sale of the 50% stake in the biofuels company will be made in conjunction with partner RP Biofuels, which owns the remaining 50%, through a competitive process conducted exclusively by PBio.
The plan to exit biofuels was first announced in 2016, but picked up speed last year after the company completed a number of sales.
With the divestments, Petrobras said it’s reinforcing its focus on keeping its portfolio stocked with world-class assets where it is the “natural owner,” while allowing new players to access this industrial segment that is also growing in Brazil.
The plan is in line with its portfolio repositioning strategy to become a company more focused upstream on oil and gas operations in deep and ultra-deep waters, maintaining part of its refining capacity and global commercialization of oil and gas products.
“Petrobras reaffirms its commitment to continue the development of technology routes for the production of sustainable diesel and BioJET fuel, in line with its decarbonization target of the oil & gas industry through the refining infrastructure,” it said, in a statement.
