Summary by Moomoo AI
Petroleo Brasileiro SA Petrobras (Petrobras) has announced the termination of its Industrialization to Order (Tolling) contract with Unigel Group. The contract, initially signed on December 29, 2023, was set to establish conditions of effectiveness by June 27, 2024. However, these conditions were not met within the stipulated timeframe, leading to the contract's end before it could take effect. Despite this development, Petrobras has communicated that both parties are still seeking a definitive, profitable, and viable solution to supply fertilizers to the Brazilian market. This move aligns with Petrobras' strategy to reorganize its fertilizer segment operations as part of its Strategic Plan for 2024-2028. The company has committed to keeping the market informed of any material facts as they arise.