Petrobras and Braskem Lock In $340 Million Gas Supply Deal Through 2029

Global investors holding positions in major chemical or energy producers now have a clearer view of long-term operating costs and feedstock security in South America. On September 9, 2026, Brazilian petrochemical giant Braskem announced that its wholly owned subsidiary, Voqen Energia, signed an amendment to extend its natural gas supply contract with state-run oil firm Petrobras. The extension secures a reliable flow of natural gas through December 31, 2029, pushing back the previous expiration date of December 31, 2026.

The amended contract carries an estimated total value of 1.85 billion Brazilian reais, which is approximately $340 million. Under the terms of the agreement, Petrobras will deliver a firm, non-flexible daily volume of natural gas ranging from 300,000 to 1,000,000 cubic meters directly to the transportation networks of TBG, TAG, and NTS. This guaranteed volume is designed to support Braskem’s extensive petrochemical facilities across Brazil or allow the company to make strategic adjustments to its energy portfolio.

This commercial agreement is classified as a related-party transaction because Petrobras holds a co-controlling stake in Braskem alongside Novonor (formerly Odebrecht). Because of this corporate overlap, the transaction underwent rigorous governance checks. According to Braskem's regulatory filing with the U.S. Securities and Exchange Commission on September 9, 2026, the deal was reviewed by Voqen’s internal bodies, Braskem's statutory audit and finance committees, and was ultimately approved by Braskem's Board of Directors with the participation of board members who also serve as executive officers at Petrobras.

For international observers, the deal highlights how Brazil's state-controlled energy apparatus interacts with the country's industrial backbone. Petrobras acts as the dominant natural gas producer and infrastructure owner in Brazil, making it the primary counterparty for heavy industrial consumers. Securing a multi-year, non-flexible contract shields Braskem from localized supply bottlenecks and price volatility, while guaranteeing Petrobras a steady, high-volume domestic buyer for its offshore gas production through the end of the decade.

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Braskem S.A. is listed in New York, and its American Depositary Shares represent ownership in the São Paulo-based petrochemical producer. Petróleo Brasileiro S.A. (Petrobras), the state-backed oil producer that supplies the natural gas, is also listed in New York, offering direct exposure to Brazil's energy sector. Both companies are major holdings in broad-market Latin American exchange-traded funds, such as the iShares MSCI Brazil ETF, which tracks large and mid-sized Brazilian equities.