Petrobras, Mubadala to cooperate in biofuel refinery

Brazil’s Petrobras has signed a memorandum of understanding with global asset manager Mubadala Capital to explore a potential Petrobras investment into a biofuel refinery project currently developed by Mubadala’s unit Acelen in the state of Bahia, the Emirates News Agency reported.

The Bahia refinery is to produce diesel and aviation fuel derived from the native Brazilian crop macauba.

The investment is in line with Petrobras’ efforts towards energy transition, company CEO Jean Paul Prates said, adding that the biofuel refinery will help achieve Petrobras’ goal of becoming emissions neutral by 2025 and diversify the company portfolio.

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