Brazilian oil giant Petrobras exits renewables business

Brazil’s state-controlled oil company Petrobras will scrap plans to invest in renewable energy projects, but says it will continue research and development projects in the field, according to chief executive Roberto Castello Branco.

“About renewables, we are investing in research and we will just not invest in operational assets because it is something that requires competencies different from the oil & gas business,” he said at a press conference about the company’s second-quarter results.

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