(Bloomberg) — Brazilian billionaire brothers Wesley and Joesley Batista are making their debut in the oil and fuel industry thanks to the acquisition of Fluxus through the family-owned group Grupo J.
Fluxus co-founder Ricardo Savini will serve as the unit’s lead executive, while the other founders, Jorge Lorenzon and Vitor Abreu, will also remain at the helm, Grupo J said.
Batistas JBS SA, the largest meat supplier in the world. The family has taken steps to expand beyond the agricultural sector and earlier this year made a 10 billion reais ($2. 1 billion) bid for a stake in Brazilian petrochemical maker Braskem SA.
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The electricity deal comes as Fluxus signed contracts for the first acquisition of the company’s operating assets in Argentina. Fluxus entered into an agreement with Pluspetrol to acquire all of Block 1, Block 2 and Center Block of the Centenario field, in the province of Neuquén, and 33% of the Ramos field, in the province of Salta, both operated through Pluspetrol. Formation
The transaction with Pluspetrol is expected for 2024, said Grupo J
Savini is the former CEO of 3R Petroleum Oleo e Gas SA and also worked for the state-controlled Brazilian oil company Petrobras.
While this is the first step for the Batista family into oil, it likely won’t be the only one. According to Grupo J&F’s statement, Fluxus is already studying other investments in Brazil, Bolivia and Venezuela, among other countries in Latin America.
—With Gerson Freitas Jr. ‘s
(Corrects name of company starting in first paragraph in story published Dec. 1.)
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