Russian group Acron agreed to purchase terms for a Petrobras fertilizer factory located in Três Lagoas, in Mato Grosso do Sul state. The information was released on Friday by Agriculture Minister Teresa Cristina after a conversation with Joaquim Silva e Luna, head of the government-controlled oil major.
According to Ms. Cristina, the sale of the UFN-3 unit — which produces nitrogen fertilizers — has already been approved by the Petrobras board, but it is unclear when the Russian group will begin operations at the factory. The purchase price was undisclosed.
A delegation from the Brazilian government will travel to Russia on February 14 to discuss, among other topics, the agreement with Acron executives. The visit will come just two days before President Jair Bolsonaro arrives in the country.
The sale could help Brazilian agriculture to become less dependent on fertilizer imports. While nitrogen fertilizers are the third-most consumed in Brazil, they are the most commonly bought variety abroad, making up around 35 percent of Brazil’s fertilizer imports.