Petrobras announced yesterday having entered a new strategic partnership with "Usina Boa Vista S.A." and "SMBJ Agroindustrial S.A", through its subsidiary Petrobras Biocombustíveis (PBio), aimimg the growing ethanol production.
Usina Boa Vista's mill is located in the State of Goias and has a cane crushing capacity of 2.5 million tonnes per year.
The deal will lead to a new venture called "Nova Fronteira Bioenergia S.A.", which will control Usina Boa Vista S.A. and SMBJ Agroindustrial S.A.
PBio will make a further subscription equivalent to Euro 192 million in shares and own 49% of the new society's equity.
Under the terms of the agreement, PBio will have the preference to acquire up to 49% of the ethanol and power produced by the new company.
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