Petrobras signs contract to sell its stake in Belem Bioenergia Brasil
Petrobras has announced that its subsidiary Petrobras Biocombustíveis SA (PBIO) has signed a contract to sell its 50% stake in Belem Bioenergia Brasil (BBB) to Galp Bioenergy BV, which holds the other 50% stake in the company.
BBB was formed in 2011 by Petrobras and Galp for the production of vegetable oil and biofuel.
The transaction value is BRL24.7 million (US$6.3 million), which will be retained by Galp until December 2020 for potential indemnity payments. Closing is subject to compliance with customary precedent conditions, such as CADE approval.
The operation is in line with Petrobras' Divestment System.
This transaction is in line with portfolio optimization and the improvement of the company's capital allocation, aiming at generating value for our shareholders.
