Petrobras evaluates participation in Acelen biofuel project at Mataripe Refinery in Bahia, Brazil

The Mataripe Refinery in Bahia, Brazil (Photo: Acelen)

Petrobras announced Sept. 4 that it has signed a memorandum of understanding (MOU) with MIC Capital Partners (Brazil Strategic Opportunities), a multistrategy equity-investment fund of the Mubadala Capital Group, to develop studies covering future business in the downstream segment with emphasis on evaluating Petrobras’ participation in a biorefining project.

The Mubadala Capital Group is in the process of developing an integrated biorefinery project in Bahia, focusing on the production of renewable diesel and sustainable aviation fuel (SAF).

In April, Mubadala Capital’s Acelen, owner of the Mataripe Refinery in Bahia, Brazil, signed an MOU with the state government of Bahia for the production of renewable diesel and SAF.

Biofuel production at the Mataripe Refinery is expected to begin in 2026.

The biorefinery is being scaled to manufacture approximately 264 million gallons per year.

This project, according to Petrobras, reinforces Brazil’s role as a strategic supplier of renewable fuels, capitalizing on the country’s abundant natural resources.

Petrobras said the MOU between it and MIC Capital Partners is aligned with the strategic elements of Petrobras’ 2024-’28 strategic plan, which aims to prepare the state-owned petroleum company for a more sustainable future, contributing to the success of the energy transition.

The initiative of Petrobras’ profitable portfolio diversification will contribute to the plan of reducing operational greenhouse-gas (GHG) emissions.

Petrobras reiterated its goal of achieving short-term targets and its ambition to neutralize emissions in the activities under its control by 2050.

Mubadala Capital is the wholly owned asset-management subsidiary of Mubadala Investment Company, a leading global investor headquartered in Abu Dhabi, United Arab Emirates.

Mubadala Capital manages approximately USD$20 billion in own and third-party capital, with offices in New York, San Francisco, London, Rio de Janeiro and Abu Dhabi.