Petrobras completes sale of Belem Bioenergia Brasil
BBB was established in 2011 by Petrobras and Galp to produce vegetable oil in Brazil.
Petrobras reported that its subsidiary Petrobras Biocombustíveis S.A. completed the sale of its 50% stake in Belem Bioenergia Brasil to Galp Bioenergy B.V., which holds the other 50% stake in the company.
After all precedent conditions were met, the transaction was completed, and PBIO will be entitled to receive about R$ 24.7 million, which will be retained by Galp until December 2020 to offset potential indemnity payments.
This transaction is in line with the portfolio optimization and the improvement of the company’s capital allocation.
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