Brazil's Petrobras starts sale of 50% in biodiesel producer BSBios
Author: Matt P.
Brazilian state-run oil and gas giant Petrobras (BVMF:PETR4) said on Thursday it is initiating the process of divesting its 50% indirect stake in local biodiesel plants operator BSBios.
Petrobras owns the stake in BSBios through fully-owned subsidiary Petrobras Biocombustíveis SA (PBIO). The remaining shares in the biodiesel producer are held by R.P. Biocombustiveis Holding SA.
BSBios owns two biodiesel plants in Passo Fundo, Rio Grande do Sul, and in Marialva, Parana. Each of the two facilities has an annual biodiesel production capacity of 288,000 cu m (10.17 million cu ft). The firm sold a total of 413,000 cu m of biodiesel in auctions for delivery in 2017. Last year it generated gross revenues of BRL 2.26 billion (USD 681m/EUR 577m).
Petrobras notes that its partner, R.P. Biocombustiveis, has preemptive and tag along rights, allowing it to buy out BSBios or exit the business in full.