After closing a strategic partnership with China, Petrobras follows an ambitious plan and signs an agreement with the Arab fund Mubadala, owned by the Crown Prince of Abu Dhabi, which bought the RLAM Refinery, in Bahia, from the state-owned company

Ambitious partnership between Petrobras and Mubadala Capital fund positions Brazil as a key hub for biorefining activities

Petrobras continues with its strategic and ambitious exploration plan in the areas of biorefining, biofuels, green hydrogen, wind and solar. After hosting a historic meeting with China, the state-owned company took a significant step towards a more sustainable future by signing yesterday (03/09) a memorandum of understanding (MOU) with the renowned Arab sovereign fund Mubadala, of the Crown Prince of Abu Dhabi, which bought the Refinery from the state-owned company RLAM, in Bahia, for R$1,65 billion dollars, around R$8,25 billion at the time.

The historic agreement, celebrated with great expectations in Abu Dhabi, in the United Arab Emirates, which promises to transform the global energy scenario, marks the beginning of a strategic partnership that aims to explore opportunities in the promising biorefining segment, with initial emphasis on the exuberant region of Bahia, which is included in the emblematic project an integrated biorefinery in the State, which aims to produce renewable diesel and sustainable aviation kerosene from plants native to Brazil, capable of recovering degraded lands with high production potential.

this memo, signed in collaboration with MIC Capital Partners (Brazil Strategic Opportunities), Mubadala Capital Group's Multiestratégia Investimento no Exterior Investment 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 the Mubadala fund aim not only to expand their portfolios, but also to contribute decisively to the reduction of carbon emissions, aligning themselves with the global targets for neutralizing emissions by 2050.

The president of Petrobras, Jean Paul Prates, emphasized the importance of this strategic agreement: “This memorandum is in line 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 make our technical expertise in co-processing available 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 fund Mubadala marks the end of Petrobras' strategic mission to Asia, led by President Jean Paul Prates. During this mission, the Petrobras delegation carried out technical visits to companies and institutions in China and Abu Dhabi, establishing partnerships and agreements with some of the main global organizations in the energy sector.

Petrobras' global strategic and ambitious mission

The Petrobras delegation maintained a 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 UAE

The strategic location of the UAE, and especially Abu Dhabi, as a global hub for investment and innovation did not go unnoticed during this mission. The UAE is at the forefront of 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 agreement's initial focus on Bahia, this region of Brazil is emerging as an emerging hub for the development of biorefining technologies. The production of renewable diesel and sustainable aviation kerosene from plants native to Bahia promises not only to 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 center for biorefining activities. With its vast expanse of land and rich ecosystems, the country has unlimited potential to become a powerhouse in the production of biofuels and renewable fuels.