Mubadala Capital has an internal process underway to prepare the sale of Porto Sudeste, said the executive director of Mubadala Capital Brasil, Leonardo Yamamoto, this Monday.
The port, which focuses on iron ore, is owned by Mubadala with commodities trading company Trafigura. Trafigura Group and Mubadala Capital are exploring the sale of the port terminal they bought from Eike Batista about a decade ago, according to people with knowledge of the matter.
In 2014, Trafigura and Mubadala purchased controlling interest in Porto Sudeste from MMX Mineração & Metálicos, a venture owned by Batista. As part of this operation, they also assumed hybrid instruments linked to terminal royalties. The two hold about 85% of those bonds, the people said.
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The port shipped 26.1 million tons of iron ore last year, up from 17.4 million tons the previous year, but still below its capacity of 50 million tons, according to quarterly data released.
Mubadala plans to use the proceeds to increase its investment in a refinery in Bahia that aims to produce green diesel and sustainable jet fuel, one of the people said.
*With information from Reuters and Bloomberg
