UAE and Brazil seal deals worth $2.5bn for sustainable aviation fuel

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Sun, 2023-04-16 14:55

RIYADH: UAE’s state-owned investment firm Mubadala Capital inked a deal to invest $2.5 billion in Brazil over the next 10 years to build a sustainable aviation fuel and kerosene plant in the northeastern state of Bahia.  

The company announced on Saturday that the investment would be made through Acelen, Mubadala’s arm in Brazil, to start production in 2026.  

Work on the new project is set to start in January 2024. It will produce 1 billion liters of hydrotreated vegetable oil per year, a diesel-like fuel made without fossil resources.  

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