Brazil's oil and gas major Petróleo Brasileiro S.A. (Petrobras) has announced that its subsidiary Petrobras Biocombustíveis S.A. (PBIO) has recently completed the sale of its 50 percent stake in the biodiesel company Belem Bioenergia Brasil (BBB) to Galp Bioenergy B.V. (Galp), which holds the other 50 percent stake in the company.
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Belem Bioenergia Brasil (BBB) was a joint-venture established in 2011 by Petrobras and Galp to produce vegetable oil in Brazil. In August 2019, Petrobras announced its intention to divest its stake in BBB to Galp as part of its portfolio optimization.
After all precedent conditions were met, the transaction was completed on November 1, 2019, and PBIO is entitled to receive about R$ 24.7 million (≈ EUR 5.53 million), which will be retained by Galp until December 2020 to offset potential indemnity payments.