Rio de Janeiro – Petrobras CEO Jean Paul Prates announced in a message posted on his X page (formerly Twitter) 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.
The sale took place during the Jair Bolsonaro administration in a dinvestment strategy of the state-owned company. As the Luis Inácio Lula da Silva administration began, Petrobras declared its intention to buy back refining assets to boost the country’s production. Last year, Prates told the media that Petrobras received a proposal from Mubadala Capital to establish a strategic partnership to restore Petrobras’ operation of Landulpho Alves while jointly expanding and enhancing the foreign group’s biofuels venture in Brazil.
In the message posted on Tuesday (Feb. 13), Prates mentioned that that the partnership with the Arabs has been ongoing for several months. Prates said that more details and the current progress will be kept confidential until the process is finalized.
The announcement followed a meeting in Abu Dhabi with the chairman of the board of Mubadala Capital, Waleed Al Mokarrab Al Muhairi (pictured, right), with whom Prates has been in discussions since the beginning of last year regarding the fund’s investments in Brazil. Al Muhairi serves as Mubadala’s Deputy Group Chief Executive Officer. He and Prates discussed the oil and gas landscape and the effects of the energy transition, its pace and impact on state-owned companies that traditionally operate the industry.
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.
With information from ANBA’s Newsroom.
Translation by Guilherme Miranda
