August 8, 2019
Petróleo Brasileiro S.A. – Petrobras reports that its subsidiary Petrobras Biocombustíveis S.A. (PBIO) signed today a contract to sell its 50% stake in Belem Bioenergia Brasil (BBB) to Galp Bioenergy B.V., which holds the other 50% stake in the company.
BBB was established in 2011 by Petrobras and Galp for the production of vegetable oil and biofuel.
The transaction value is R$ 24.7 million, which will be withheld by Galp until December 2020 for potential indemnity payments. Closing is subject to the fulfillment of customary precedent conditions, such as CADE approval.
This operation is in line with Petrobras’ divestment methodology.
This transaction is in line with the portfolio optimization and the improvement of the company’s capital allocation, aiming at generating value for our shareholders.