Both parties will explore a potential investment by Petrobras into the biofuel project currently being developed by Mubadala Capital.

The MoU builds on an agreement signed in April 2023 between Acelen and the State of Bahia to develop a biorefinery project to produce renewable diesel and sustainable aviation fuel derived from Macauba, a native Brazilian crop.

Mr. Jean Paul Prates, Chief Executive Officer of Petrobras, added that “This memorandum of understanding is aligned with our strategic vision, which seeks to prepare Petrobras for a more sustainable future, and contribute to the success of our energy transition plans. We are excited to explore investment opportunities in this project, which we believe will further diversify Petrobras’ portfolio.”

The MoU is aligned with the strategic elements of the 2024-28 Strategic Plan, which aims to prepare Petrobras for a more. The initiative of Petrobras’ profitable portfolio diversification will contribute to the plan of reducing operational greenhouse gas emissions. Petrobras reiterates its goal of achieving short-term targets and its ambition to neutralize emissions in the activities under its control by 2050.