Brazil’s state-run oil company Petrobras has revealed its strategic plan for the years 2024–2028, with a strong emphasis on revitalizing the company and transitioning towards renewable energy sources.

CEO Jean Paul Prates announced the plan, stating that it will involve a significant investment of $102 billion, making it one of the largest investment plans in the company’s history.

“Previously, you saw a company with no future, not investing and paying exorbitant dividends,” said Prates, noting that “now we are with our eyes and minds on the future.”

As part of this plan, Petrobras will be investing in new areas such as fertilizers and renewable energy. By the end of 2024, the company plans to resume operations at one fertilizer plant, and by 2028, it aims to complete construction on a second plant.

The decision to invest in fertilizers gained more strategic importance for Brazil and Petrobras after a supply crisis caused by the war in Ukraine. In addition to this, the company also plans to invest $5.2 billion in solar and wind power, with a focus on onshore plants. It is also researching the development of offshore wind in Brazil.

When asked about the possibility of Petrobras buying back part of the Mataripe refinery, which was previously known as Rlam and sold to Abu Dhabi’s Mubadala under previous management, Prates stated that it was a possibility.

Prates added that the company is currently in talks with Mubadala about various matters, and while a potential repurchase of the refinery is not the main focus, it is something that is being considered.