Petrobas approves $1.2 billion biorefining project
- Petróleo Brasileiro approved a $1.2 billion investment to build a renewable fuel plant in São Paulo.
- The company's stock rose to $16.82 following the announcement of the final investment decision.
- The project forms part of the strategic plan to meet international aviation emission mandates by 2030.
Petróleo Brasileiro, also known as Petrobas (NYSE:PBR) approved the final investment decision for a $1.2 billion biorefining project to produce renewable fuels.
The board decision shifts the facility into its final contracting phase ahead of a planned construction launch late this year.
The dedicated plant will be constructed at the Presidente Bernardes Refinery located in Cubatão within the state of São Paulo.
The company stated that the facility will feature an estimated production capacity of up to 15,000 barrels per day.
Following the announcement Petróleo Brasileiro's share price was up at $16.82.
The greenfield biorefining development has been officially integrated into the firm's broader Business Plan 2026–2030 framework.
This alternative fuel initiative aligns with international aviation guidelines and Brazil's newly enacted Future Fuel Law requirements.
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