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MercoPress, en Español

Montevideo, December 27th 2024 - 14:34 UTC

Tag: Nova Fronteira Bioenergia SA

  • Saturday, December 17th 2016 - 00:24 UTC

    Petrobras sells ethanol assets as it moves out of the biofuels industry

    The Nova Fronteira transaction marks another step in Petrobras' efforts to get out of the biofuels industry, which has soaked up enormous amounts of capital

    Brazil's oil company Petrobras has agreed to sell its 49% stake in the sugar and ethanol joint venture Nova Fronteira Bioenergia SA to partner São Martinho SA, both companies said in securities filings on Thursday. Petrobras will receive 24 million new São Martinho shares as payment for the stake. Petrobras said in the filing that it will attribute a US$133 million value to the deal.