(Petrobras, 1.Nov.2019) — Petrobras, following on the press release issued on 08/08/2019, reports that its subsidiary Petrobras Biocombustíveis S.A. (“PBIO”) completed today the sale of its 50% stake in Belem Bioenergia Brasil (“BBB”) to Galp Bioenergy B.V. (“Galp”), which holds the other 50% stake in the company.
BBB was established in 2011 by Petrobras and Galp to produce vegetable oil in Brazil .
After all precedent conditions were met, the transaction was completed, and PBIO is 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, aiming at generating value for our shareholders
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