Petrobras to Analyze Mubadala Capital Proposal

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(Petrobras, 22.Dec.2023) — Petrobras has received a communication from Mubadala Capital proposing the formalization of recent discussions on the formation of a potential strategic partnership for the development of downstream in Brazil, in continuity with the memorandum of understanding released on 4 Sep. 2023.

The initiative has as its scope businesses focused on traditional refining, as well as the development of a biorefinery, both in the state of Bahia.

The aim of the future partnership is to strengthen the business environment in the sector and increase the supply of renewable fuels in our country. The business model to be analyzed will take into account future investments and the development of new technologies in conjunction with Mubadala Capital.

Mubadala Capital, which through Acelen controls the Mataripe Refinery (“RefMat”) and Acelen Energia Renovável S.A. (“Biorrefinaria”), indicates in its correspondence the main terms and conditions of the possible partnership. Petrobras will evaluate the acquisition of a stake in these assets.

The proposal will still be subject to internal evaluation by Petrobras. The company also clarifies that any investment decisions must, within the governance established at Petrobras, go through the planning and approval processes provided for in the applicable systems, with their technical and economic viability demonstrated and in line with its Strategic Plan 2024-2028+.

Material facts will be disclosed to the market in due course.

About RefMat

The Mataripe Refinery, located in São Francisco do Conde in the state of Bahia, has a processing capacity of 333,000 barrels/day, and its assets include four storage terminals and a set of pipelines that connect the refinery and the terminals, totaling 669 km in length.

About the Biorefinery

The integrated biorefining project includes plants to produce renewable diesel and sustainable aviation kerosene from vegetable oil from native crops, operating in the states of Bahia and Minas Gerais. 

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