Yara Brasil Fertilizantes S.A. (Yara) and Petróleo Brasileiro S.A. - Petrobras have signed a non-binding Master Agreement, as next step forward in the negotiations to structure a potential business partnership, following the Memorandum of Understandings (MOU) signed on February 29, 2024.

In the next phase Yara and Petrobras will jointly finalize the analysis on the potential synergies between their operations, to increase efficiencies in the local fertilizer and industrial products market, including possible decarbonization paths.

Brazil is a significant market for both agricultural and industrial applications with focus on domestic production growth and future decarbonization. Yara is playing a leading role in tackling the food crisis and is committed to decarbonizing the food value chain, essential industrial and air-quality applications, and zero-emission shipping fuel and energy solutions. To be successful, collaboration across the entire value chain is essential.

Relevant updates will be shared with the market in due course.