Petrobras PBR has announced a deal to acquire the remaining 70% stake in Logum Logistica, a Brazilian biofuels logistics firm, for approximately 620 million reais ($111 million). This move will give Petrobras full ownership of Logum, where it already holds a 30% stake.
Logum specializes in the transportation and storage of ethanol, petroleum products, and other biofuels, operating a pipeline network that spans over 1,000 kilometers. Petrobras highlighted that the acquisition offers attractive economic and financial terms, particularly due to the growing ethanol market, especially the expansion of corn-based ethanol production in Brazil's Center-West region.
The deal also creates significant operational synergies by integrating Logum's pipeline network into Petrobras' existing system. This integration will connect major production hubs in Brazil to Petrobras' logistics network and the Ilha d'Agua port terminal.
Other shareholders in Logum included Raizen Energia, Copersucar, and Uniduto Logistica, which held 30%, 30%, and 10% stakes respectively before the deal.