Petrobras approves USD-1.2bn biofuel plant investment in Sao Paulo

By Ivan Shumkov

Brazilian state-run oil and gas giant Petrobras (BVMF:PETR4) has taken the final investment decision (FID) for a USD-1.2-billion (EUR 232m) project to build a bio-jet fuel (bioQAV) and renewable diesel production facility in the state of Sao Paulo.

The company’s board of directors approved the move on Friday, paving the way for Petrobras to begin signing contracts and advance to the construction phase by the end of 2026.

The project in question will take place at the Presidente Bernardes Refinery (RPBC) in Cubatao, where a new dedicated plant will be constructed to produce up to 15,000 barrels per day (bpd) of renewable fuels. The launch of operations is planned for 2030.

Petrobras said that the project aligns with both the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA) and Brazil’s Future Fuel Law (Law No. 14,993/2024). Furthermore, it is included in the company’s 2026-2030 Business Plan.

This article has been republished from The Renewables Now.