Petrobras will team up with UAE fund Mubadala for research

Petrobras will team up with UAE fund Mubadala to study bio-refining and renewable fuels.

The deal involves MIC Capital Partners, owned by Mubadala. The goal is to help Petrobras in bio-refining projects.

Jean Paul Prates, the CEO, supports the deal. He said it helps Petrobras aim for a sustainable future.

Last year, Petrobras sold its Mataripe refinery in Bahia. The refinery had plans to make renewable fuels from plants.

Petrobras thinks the Mubadala project at Mataripe helps Brazil. It can make Brazil a key supplier of renewable fuels.

People in Petrobras believe the deal could help them return to the refinery. But this is not yet public and needs approval from Brazil’s anti-monopoly group, CADE.

Petrobras is Brazil’s state-owned oil company. It’s a major player in the global energy market.

Mubadala is an investment fund based in the United Arab Emirates. It focuses on various sectors including energy.

Rich in Resources

Both Brazil and the UAE have rich natural resources. Brazil has large reserves of oil and ethanol. The UAE is a major oil producer too.

In recent years, there’s a global shift toward renewable energy. Both countries want to be part of this change.

This is not the first time Petrobras has explored bio-refining. They’ve sold refineries before to focus on core activities.

This new deal aims to bring both companies into the renewable energy sector. It also strengthens ties between Brazil and the UAE.

Brazil is a leader in using ethanol as a fuel. It’s made mostly from sugarcane. The UAE also invests in renewable energy technologies like solar power.

Brazil and the UAE have been increasing their trade relations. They both see value in diversifying their economies.

This deal could be a stepping stone for more collaborations.

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