Petrobras restarts UFN-III fertiliser project with $1bn investment

Petrobras has approved the resumption of construction on its long-delayed UFN-III nitrogen fertiliser plant in Três Lagoas, signalling a renewed push into Brazil’s domestic fertiliser market. The decision, confirmed by the board, aligns with the company’s 2026–2030 business plan and follows a full reassessment of the project’s economics.

The company said the project demonstrated “economic attractiveness”, with a positive net present value across all evaluated scenarios. Estimated investment to complete the plant stands at around $1 billion, with commercial operations targeted for 2029.