Petrobras completes negotiations to sell 50% stake in biodiesel producer

Brazilian state-controlled company Petroleo Brasileiro SA (BVMF:PETR4), or Petrobras, has completed the negotiation phase to sell its 50% indirect stake in local biodiesel plants operator BSBios.

The oil giant's wholly-owned unit Petrobras Biocombustivel SA (PBio) held talks on the matter with RP Participacoes em Biocombustiveis SA. The discussed transaction is valued at some BRL 319 million (USD 62.5m/EUR 51m) and the value attributed to 100% of BSBios' shares is BRL 1.23 billion, Petrobras said.

Closure is subject to approval by PBio's shareholders.

BSBios owns two biodiesel plants in Passo Fundo, Rio Grande do Sul, and in Marialva, Parana. Both facilities have an annual biodiesel production capacity of 414,000 cubic metres (14.6 million cu ft).

(BRL 1.0 = USD 0.196/EUR0.160)

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