Petrobras, investors discuss recovery of Brazilian refinery in Bahia

Petrobras CEO Jean Paul Prates announced that working teams from Petrobras and the Arab fund Mubadala Investment Company will collaborate to finalize the new corporate and operational structure of the Landulpho Alves Refinery in Mataripe, Bahia state, by the first half of this year. The refinery was sold to the Mubadala Capital group last year.

Prates mentioned in a message posted on Tuesday (Feb. 13) on his X page (formerly Twitter) that the partnership with the Arabs has been ongoing for several months to restore Petrobras’ operation of Landulpho Alves while jointly expanding and enhancing the foreign group’s biofuels venture in Brazil.

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The announcement followed a meeting in Abu Dhabi with the chairman of the board of Mubadala Capital, Waleed Al Mokarrab Al Muhairi, with whom Prates has been in discussions since the beginning of last year regarding the fund’s investments in Brazil.

These negotiations are part of Petrobras’ strategic partnership plan with similar companies, aligned with the government’s approach to complementary countries with synergies with Brazil. “We are conducting open and direct dialogues and establishing very promising ventures for Petrobras and Brazil. This year promises great new achievements,” said Jean Paul Prates.

The proposal

In December last year, Petrobras received a proposal from Mubadala Capital to establish a strategic partnership for the development of downstream operations (crude oil refining, processing, and marketing) in Brazil, in line with the memorandum of understanding released on September 4, 2023. According to Petrobras, the initiative includes ventures focused on traditional refining, as well as the development of a biorefinery in Bahia.