Yara Brasil Fertilizantes SA and Brazil’s Petróleo Brasileiro SA (Petrobras) have signed a non-binding Memorandum of Understanding (MOU) to explore potential business partnerships related to the production and decarbonization of local fertilizer and industrial products, according to separate media statements by the two parties on Feb. 29.
Brazil is a significant market for both agricultural and industrial applications, Yara said, with a focus on domestic production growth and future decarbonization. Petrobras said the MOU is aligned with its 2024-2028+ Strategic Plan, which aims to prepare the company for a more sustainable future, contributing to the success of the energy transition.