The asset management company’s plan for the Latin American nation includes establishing a new stock exchange, which is the current move.In an interview with the Financial Times, Oscar Fahlgren, the sovereign wealth fund’s head of Brazil strategy, disclosed the entire budget for the organization’s flagship project. The project aims to produce renewable diesel and “sustainable” aviation kerosene primarily from non-food plant matter. The first of five $2.7 billion “modules” in the massive development by its energy company, Acelen, is scheduled to go into production by the end of 2026.
Each will include planted areas to grow the input crop, an associated infrastructure, and a new biorefinery with a daily capacity of 20,000 barrels of fuel.
Feedstock is the main focus, which is actually agriculture.” And because of its favorable climate and rich soil, Brazil is arguably the most agriculturally proficient nation on Earth. According to him, Brazil is to agriculture what Abu Dhabi is to oil.
The project also calls for converting an existing oil refinery in Bahia, northeastern Brazil, which was purchased from state-run Petrobras in 2021. According to Fahlgren, a combination of debt and equity will finance an estimated $13.5 billion over five to ten years.
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