Petrobras advances sale of biofuel plant

Brazil's Petrobras has started the non-binding phase regarding the sale of 100% of the shares held by its subsidiary Petrobras Biocombustíveis (PBio) in BSBios, the state-run oil firm announced Monday.

The stake corresponds to 50% of the capital of BSBios, which is a biodiesel producer owning several plants in the country, including units in the municipalities of Marialva and Passo Fundo, in São Paulo and Rio Grande do Sul states, respectively.

Stakeholders who have signed the confidentiality agreement and the compliance statement will receive a descriptive memorandum containing more detailed information about the assets, besides instructions about the divestment process, including guidelines for the preparation and submission of non-binding proposals, said Petrobras.

Access to the information will be granted for a minimum period of 30 days to all interested parties who have signed the agreement and the statement.

The sale is part of Petrobras' 2017-18 divestment plan, which involves the sale of US$21bn in assets.