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Petrobras to buy out Logum partners, expand biofuels logistics presence

By Reuters News

SAO PAULO, Nov 12 (Reuters) - Brazilian state-run oil company Petrobras PETR3.SA said on Thursday it had agreed to buy out its partners in biofuel logistics firm Logum Logistica, taking full ownership of the company in which it already holds a 30% stake.

  • Other Logum shareholders are Raizen Energia (30%), Copersucar (30%) and Uniduto Logistica (10%)

  • Petrobras said the total acquisition value was 620 million reais ($111.05 million)

  • Logum focuses on the transportation and storage of ethanol, petroleum products and other biofuels, with a pipeline network spanning more than 1,000 kilometers (621.37 miles)

  • Petrobras said the move was aligned with its plan to expand its presence in renewable and low-carbon businesses

  • "The acquisition offers attractive economic and financial terms for Petrobras, considering the growth of the ethanol market, particularly the expansion of corn-based ethanol production in Brazil's Center-West region," it said

($1 = 5.5833 reais)

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