UAE – Mubasher: Mubadala Capital and Brazilian integrated energy firm Petrobras signed a memorandum of understanding (MOU) to explore investment opportunities, according to a press release.
Petrobras is expected to pump investments into a biofuel project, which is being developed by Mubadala Capital in Bahia, Brazil.
This follows a deal signed in April 2023 between Acelen and Bahia to develop a biorefinery project that produces renewable diesel and sustainable aviation fuel (SAF) derived from the Brazilian crop Macauba.
Oscar Fahlgren, Chief Investment Officer and Head of Brazil at Mubadala Capital, said: “This agreement underscores Mubadala Capital and Petrobras’ shared commitment to energy transition, and we are excited to work alongside Petrobras to create a novel, carbon-neutral, product that will speed up the transition into a sustainable future.”
Jean Paul Prates, CEO of Petrobras, commented: “This MOU 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.”
The CEO added: “We are excited to explore investment opportunities in this project, which we believe will further diversify Petrobras’ portfolio and support our goal of becoming emissions neutral by 2050.”
