December 21, 2020 |
Brazil's state-owned oil company Petrobras said Friday that a subsidiary agreed to sell a 50% stake in biofuels producer BSBios to its partner in the joint venture, RP Participações em Biocombustíveis (RP Bio).
The subsidiary, Petrobras Biocombustível (PBio), expects to earn BRL319 million ($62.6 million) from the sale after deductions for debt and price adjustments, Petrobras said in a securities filing. The deal values BSBios at BRL1.24 billion, it added.
RP Bio, founded by BSBios CEO Erasmo C
Brazil's state-owned oil company earns $63 mln for its stake in the biofuels producer and also sells 14 oil fields to 3R for $250 mln