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Petrobras unit to sell stake in biofuel JV to partner

Petróleo Brasileiro SA said its subsidiary Petrobras Biocombustíveis SA signed a contract to sell its 50% stake in biofuel and vegetable oil production company Belem Bioenergia Brasil SA, according to an Aug. 8 news release from the Brazilian state-controlled company.

The Petrobras unit will sell the interest to its joint venture partner Galp Energia SGPS SA subsidiary Galp Bioenergy BV, which also owns a 50% stake in Belem. The transaction is subject to customary precedent conditions, such as approval from Brazil's Administrative Council for Economic Defense.

Under the deal, Petrobras will be paid 24.7 million Brazilian reais, but will be retained by Galp until December 2020 for potential indemnity payments.

The divestment is in line with Petrobras' plan to sell off assets to reduce debt and focus on offshore projects.

As of Aug. 8, US$1 was equivalent to 3.93 Brazilian reais.