Brazil's Petrobras plans major biofuel investment and new Braskem deal

Brazil's state-run oil company Petrobras is making several major moves. The company announced it will invest 6 billion reais to build its first biorefinery, which will produce renewable fuels.

Separately, Petrobras and the investment firm IG4 are preparing an agreement to take turns controlling the petrochemical company Braskem, swapping control every two years. There is also political activity, with a faction of the government from Bahia state pushing for the head of Petrobras's legal department to be appointed as Brazil's Justice Minister.