Petrobras to analyze Mubadala proposal for refining partnership

Petrobras stated: “Petrobras informs that it has received a communication from Mubadala Capital proposing the formalization of recent discussions on the formation of a potential strategic partnership for the development of downstream in Brazil, in continuity with the memorandum of understanding released on September 4, 2023. The initiative has as its scope businesses focused on traditional refining, as well as the development of a biorefinery, both in the state of Bahia. The aim of the future partnership is to strengthen the business environment in the sector and increase the supply of renewable fuels in our country. The business model to be analyzed will take into account future investments and the development of new technologies in conjunction with Mubadala Capital. Mubadala Capital, which through Acelen controls the Mataripe Refinery and Acelen Energia Renovavel S.A., indicates in its correspondence the main terms and conditions of the possible partnership. Petrobras will evaluate the acquisition of a stake in these assets. The proposal will still be subject to internal evaluation by Petrobras. The company also clarifies that any investment decisions must, within the governance established at Petrobras, go through the planning and approval processes provided for in the applicable systems, with their technical and economic viability demonstrated and in line with its Strategic Plan 2024-2028+. Material facts will be disclosed to the market in due course.”