Petrobras approves tender to restart fertilizer plants in Brazil's northeast, say sources [Yahoo! Finance]
Petroleo Brasileiro S.A.- Petrobras American Depositary Shares (PBR.A)
US:NYSE Investor Relations:
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Source: Yahoo! Finance
approved plans to select a partner to restart operations at its fertilizer plants in northeastern Brazil, according to four sources familiar with the matter. But the move still hinges on resolving ongoing disputes with current leaseholder Unigel, added the sources, who requested anonymity as the decision has not yet been made public. Chemical company Unigel was demanding compensation from Petrobras for losses on the plants, as previously reported by Reuters, with the impasse marking a setback for President Luiz Inacio Lula da Silva's plans to reduce Brazil's dependency on imported fertilizer. As an agricultural powerhouse, Brazil is among the world's top consumers of fertilizers, more than 80% of which it imports. Petrobras leased the two nitrogen fertilizer plants, located in the states of Bahia and Sergipe, to Unigel in 2019 under a 10-year agreement. However, both facilities have been shut down since 2023, with Unigel citing unfeasible operating conditions due to high nat
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