Petrobras to close Ceará biofuel unit

By
Tuesday, October 11, 2016

Brazil's state-run oil company Petrobras has begun its withdrawal from the biofuel production segment by announcing plans to close its Quixadá biodiesel plant.

The Ceará state facility, which has output capacity of 108.6Ml/y, will end production on November 1, Petrobras said in a statement on Friday.

Start your 15 day free trial now!

cta-arrow

Already a subscriber? Please, login

"Considering that, according to our projections, there is no way forward for the plant in the short term without new investments [we] opted ... to focus our resources on projects with higher profitability," Petrobras said.

Last month Petrobras said it planned to exit the biofuel, petrochemical and liquefied petroleum gas (LPG) segments to prioritize offshore oil and gas production.

ALSO READ: Can new investment plan revive Petrobras?