to-the-point: Petrobras to close biofuel arm in Brazil's Ceara state
Photo by Steve Jurvetson (Flickr) [CC BY 2.0 (http://creativecommons.org/licenses/by/2.0)], via Wikimedia Commons
Brazilian oil and gas giant Petrobras (SAO:PETR3) announced on Friday it will cease production activities at its biofuel unit Petrobras Biocombustivel in Ceara state.
This decision is in line with the company's strategy to fully leave the biofuel sector. The process will start on November 1 and should take around six months. All of the employees will be relocated, the company said in its press release.
Unlike the Ceara facility, the plants located in the states of Minas Gerais and Bahia will continue to operate normally while the company is studying alternative structural changes for these units, aside from complete closure.