Petrobras is evaluating a strategic ticket in Raízen, joint venture formed by Cosan and Shell, as part of its resumption in the ethanol market, according to the newspaper The globe. The state -owned company considers various formats, such as participation only as a partner or acquiring specific assets, with a decision expected to 2025.
Raízen is a global reference in the sugar and alcohol sector, being the largest producer of sugarcane ethanol and the only one with second generation ethanol on a commercial scale, through 29 plants. In addition, it has a robust network of over 8,000 Shell posts in Brazil, Argentina and Paraguay.
However, recent performance is challenging: in the first quarter of the 2025/26 crop, it registered a loss of R $ 1.8 billion, in contrast to the profit of R $ 1.1 billion in the same period as the previous cycle. In turn, Cosan faces indebtedness of R $ 17.5 billion and loss of R $ 946 million in the 2nd quarter.
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Internally, Petrobras debates how to advance without violating the non -competition clause with vibra (former BR distributor), valid until 2029. Among the strategies considered are the segregation of specific governance assets or governance agreements.
Calculated and strategic return
Since 2017, Petrobras waves with the resumption of biofuels. In November 2024, anticipated negotiations with players Like Raízen, BP and Inpasa, aligned with its $ 111 billion strategic plan between 2025 and 2029. This plan includes $ 2.2 billion in ethanol plants, focusing on rapid entry via partnerships, rather than starting over from scratch.
The movement signals a new phase of protagonism in the biofuel chain, potentially expanding investments in clean technologies.
