May 21, 2026 [Reuters]- Brazilian refiner Acelen, owned by Abu Dhabi’s Mubadala, has secured $1.5 billion to begin construction of a biofuels refinery in the northeastern state of Bahia, the company said on Thursday.
Part of the investment will be financed by a group of 10 financial institutions, led by HSBC and the World Bank’s International Finance Corporation.
The refinery is expected to start operations in 2029 and produce up to 1 billion liters per year of sustainable aviation fuel (SAF) and renewable diesel.
The full project is set to cost around $3 billion, and it includes the cultivation of macauba, a native Brazilian oilseed that will be used in biofuel production, alongside more traditional feedstocks such as soybean oil and used cooking oil.
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