Petróleo Brasileiro (Petrobras) has announced that it has begun the non-binding phase for the sale of its wholly-owned subsidiary Petrobras Biocombustível (PBIO).
Founded in 2008, PBIO is one of Brazil's largest producers of biodiesel in Brazil. The company has three biodiesel plants, which include: a facility in Montes Claros, in the state of Minas Gerais, with a production capacity of 167,000 cubic metres (cbm) a year; a 304,000 cbm plant in Candeias, in the state of Bahia; and a mothballed 109,000 cbm unit in Quixadá, in the state of Ceará.
According to Petrobras, the three plants are capable of using a mixture of up to five different raw materials (soy, cotton and palm oil, animal fat and waste oils) to produce biodiesel.
Petrobras is looking to sell all of its shares in PBIO.