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50% of Petrobras’s Biofuel Subsidiary, BSBios, Was Sold Yesterday Morning (09) for R$ 322 Million
Petrobras, through its subsidiary Petrobras Biocombustível (Pbio), completed the sale of its 50% stake in BSBios. In the deal, the state-owned company received a total of R$ 253 million this Tuesday.
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In addition to this amount from Petrobras, another R$ 67 million will be kept in an escrow account for potential contingencies and released as specified in the contract.
R$ 2 million was also received in advance in the form of Interest on Equity for BSBios. Thus, the total value of the operation is R$ 322 million.
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BSBios Owns Two Biodiesel Plants
One in Passo Fundo, Rio Grande do Sul, with a production capacity of 414,000 m³/year, crushing capacity of 1,152,000 tons/year, and storage capacity of 120,000 tons of grains, 60,000 tons of meal, and 7,500 m³ of biodiesel.
The other, in Marialva, Paraná, has a production capacity of 414,000 m³/year and storage capacity of 3,000 m³ of vegetable oil, 1,500 m³ of animal fat, and 4,500 m³ of biodiesel. Together, the two plants produced about 828,000 cubic meters of fuels per year.
Official Statement from Petrobras on the Sale of BSBios
“After meeting all the precedents, the transaction was completed with the payment of R$ 253 million to PBio, including the adjustments provided for in the contract,” said Petrobras in a statement.
“In addition to this amount, R$ 67 million is held in an escrow account for potential compensation for contingencies and released as per the timelines and conditions specified in the contract, and R$ 2 million was received in advance in the form of interest on equity in December 2020, totaling the transaction value at R$ 322 million,” it added.
