By Brazil Stock Guide — Petrobras (B3: PETR4) said on Thursday (November 12) it had agreed to acquire the remaining 70% of Logum Logística for R$620 million ($114 million), taking full ownership of one of Brazil’s largest ethanol pipeline networks. The transaction involves stakes held by Raízen, Copersucar and Uniduto, marking another step in the state-controlled oil company’s expansion into biofuels infrastructure.
Petrobras already owns 30% of Logum. The other direct shareholders are Raízen Energia, with 30%, Copersucar, also with 30%, and Uniduto Logística, with 10%. The agreed purchase price implies an equity valuation of approximately R$886 million for the entire company, before any contractual adjustments.
In a separate regulatory filing, Raízen (B3: RAIZ55) said it would receive approximately R$310 million for the sale of all its direct and indirect interests in Logum, equivalent to half of Petrobras’ total acquisition price.
The difference between Raízen’s 30% direct ownership and its share of the transaction proceeds reflects Logum’s ownership structure. According to Raízen’s financial statements, the company also owns 46.48% of Uniduto, which in turn holds a 10% stake in Logum. Combining those holdings gives Raízen an effective economic interest of approximately 34.65% in Logum, close to the 35% implied by its share of the overall transaction value.
Petrobras will pay for the acquisition in three installments: R$300 million at closing, R$160 million after 12 months and a further R$160 million after 24 months. Raízen will receive R$150 million at closing, followed by two payments of R$80 million at 12-month intervals. All amounts remain subject to contractual price adjustments.
The acquisition gives Petrobras a strategic position in Brazil’s main ethanol transportation corridor, as corn-based ethanol production continues to expand in the country’s Center-West agricultural region. Petrobras described the transaction as financially attractive and expects operational efficiencies from integrating Logum’s pipeline network with its existing logistics infrastructure.
Logum operates a pipeline network spanning more than 1,000 kilometers (620 miles), with receiving terminals in Uberaba, in Minas Gerais state, and Ribeirão Preto and Paulínia, both in São Paulo state. The network transports ethanol from producing regions to major distribution hubs in Barueri, Guarulhos, São Caetano do Sul and São José dos Campos, all in São Paulo state, as well as Duque de Caxias and the Ilha d’Água maritime terminal in Rio de Janeiro.
During the 2025/2026 harvest season, Logum transported approximately 5 million cubic meters of products, equivalent to 5 billion liters. According to Petrobras, moving 1 million cubic meters annually by pipeline can eliminate the need for roughly 80 tanker-truck journeys per day, highlighting the potential logistical and environmental advantages of pipeline transportation.
The transaction also supports Petrobras’ strategy of expanding into renewable and lower-carbon energy businesses. Beyond domestic distribution, Logum’s infrastructure provides access to maritime transportation, enabling coastal shipping and ethanol exports through the Ilha d’Água terminal in Rio de Janeiro.
For Raízen, the divestment represents another step toward streamlining its asset portfolio and simplifying operations. Petrobras, meanwhile, is expanding its presence in a business that complements its existing fuel production, transportation and distribution activities.
Completion of the transaction remains subject to customary closing conditions, including approval from Brazil’s antitrust regulator, the Administrative Council for Economic Defense (CADE).
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