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RIYADH: UAE’s state-owned funding agency Mubadala Capital inked a deal to speculate $2.5 billion in Brazil over the following 10 years to construct a sustainable aviation gasoline and kerosene plant within the northeastern state of Bahia.
The corporate introduced on Saturday that the funding could be made by Acelen, Mubadala’s arm in Brazil, to start out manufacturing in 2026.
Work on the brand new mission is ready to start out in January 2024. It should produce 1 billion liters of hydrotreated vegetable oil per 12 months, a diesel-like gasoline made with out fossil assets.
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