Mubadala Capital, the $20 billion global asset management arm of UAE’s Mubadala Investment Company, and Petrobras, the Brazilian integrated energy company, have sealed a Memorandum of Understanding (MoU) to explore a potential investment into a biofuel project in the State of Bahia, Brazil.
Both parties will explore a potential investment by Petrobras into the biofuel project currently being developed by Mubadala Capital.
The MoU builds on an agreement signed in April 2023 between Acelen and the State of Bahia to develop a biorefinery project to produce renewable diesel and sustainable aviation fuel derived from Macauba, a native Brazilian crop.
Oscar Fahlgren CIO & Head of Brazil Mubadala Capital
“The production of renewable energy from agricultural crops that are native to Brazil is an innovative and exciting undertaking, with the potential to positively transform Brazil and the global energy landscape for generations to come. 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.”
Mr. Jean Paul Prates, Chief Executive Officer of Petrobras, added that “This memorandum of understanding 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. We are excited to explore investment opportunities in this project, which we believe will further diversify Petrobras’ portfolio.”
The MoU is aligned with the strategic elements of the 2024-28 Strategic Plan, which aims to prepare Petrobras for a more. The initiative of Petrobras’ profitable portfolio diversification will contribute to the plan of reducing operational greenhouse gas emissions. Petrobras reiterates its goal of achieving short-term targets and its ambition to neutralize emissions in the activities under its control by 2050.
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