After Securing Strategic Partnership With China, Petrobras Pursues Ambitious Plan and Celebrates Agreement With Arab Fund Mubadala, Owned by the Crown Prince of Abu Dhabi, Which Acquired the RLAM Refinery From the State Company in Bahia

Ambitious Partnership Between Petrobras and Mubadala Capital Positions Brazil as a Key Hub for Biorefining Activities

Petrobras continues with its strategic and ambitious plan for exploration in the areas of biorefining, biofuels, green hydrogen, wind, and solar. After hosting a historic meeting with China, the state company took a significant step towards a more sustainable future by signing a memorandum of understanding (MOU) yesterday (09/03) with renowned Arabic sovereign wealth fund Mubadala, led by the Crown Prince of Abu Dhabi, which purchased the RLAM Refinery from the state for US$ 1.65 billion, around R$ 8.25 billion at the time.

The historic agreement, celebrated with great anticipation in Abu Dhabi, United Arab Emirates, promising to transform the global energy landscape, marks the beginning of a strategic partnership aimed at exploring opportunities in the promising biorefining segment, with initial emphasis on the lush region of Bahia, which includes in its emblematic project an integrated biorefinery in the State, aimed at producing renewable diesel and sustainable aviation kerosene from native Brazilian plants, capable of recovering degraded lands and high production potential.

This memorandum, signed in collaboration with MIC Capital Partners (Brazil Strategic Opportunities), Mubadala Capital’s Multistrategy Private Equity Fund, represents a significant milestone in Petrobras’ journey towards energy transition.

Brazil as a Strategic Supplier of Renewable Fuels for a Sustainable Future

This project in Bahia solidifies Brazil’s position as a strategic supplier of renewable fuels. The country, with its rich biodiversity and abundant natural resources, is well-positioned to lead the global transition to cleaner and more sustainable energy sources. By capitalizing on its natural assets, Petrobras and Mubadala aim not only to expand their portfolios but also to decisively contribute to the reduction of carbon emissions, aligning with global goals of emission neutrality by 2050.

Petrobras President Jean Paul Prates emphasized the importance of this strategic agreement: “This memorandum aligns with our strategic vision, which aims to prepare Petrobras for a more sustainable future and contribute to the success of our energy transition plans. We are excited to leverage our technical expertise in co-processing and jointly explore investment opportunities in this project, which we believe will further diversify the portfolio of Petrobras and contribute to our goal of neutralizing the company’s emissions by 2050.”

The signing of this agreement with the Arab Mubadala fund marks the conclusion of Petrobras’ strategic mission to Asia, led by President Jean Paul Prates. During this mission, the Petrobras delegation conducted technical visits to companies and institutions in China and Abu Dhabi, establishing partnerships and agreements with some of the leading global organizations in the energy sector.

The Global Strategic and Ambitious Mission of Petrobras

The Petrobras delegation engaged in fruitful dialogue with companies such as Sinopec, China Energy, CNOOC, CITIC Construction, Bank of China, China Development Bank, and Mubadala. These agreements cover a wide range of areas, from exploration and production to renewable energy, hydrogen, ammonia, carbon capture, and, of course, biorefining.

The Strategic Role of the United Arab Emirates

The strategic location of the United Arab Emirates, and particularly Abu Dhabi, as a global center of investment and innovation, did not go unnoticed during this mission. The UAE is at the forefront of the energy transformation and plays a key role in the global transition to cleaner energy sources.

The Rise of Bahia as a Biorefining Hub

With the initial focus of the agreement in Bahia, this region of Brazil is emerging as a hub for the development of biorefining technologies. The production of renewable diesel and sustainable aviation kerosene from native Bahia plants promises to not only boost the local economy but also position the state as a leader in renewable energy production.

Brazil at the Center of Biorefining Activities

The partnership between Petrobras and the Mubadala Capital group is positioning Brazil as a key hub for biorefining activities. With its vast land expanse and rich ecosystems, the country has unlimited potential to become a powerhouse in the production of biofuels and renewable fuels.