Petróleo Brasileiro S.A. – Petrobras (NYSE:PBR) is one of the top cheap growth stocks to get rich. Petróleo Brasileiro S.A. – Petrobras (NYSE:PBR) announced on June 19 that its Board of Directors approved the Final Investment Decision (FID) for the RPBC Biorefining project. It provides for the implementation of a dedicated plant to produce bio-jet fuel and renewable diesel at the Presidente Bernardes Refinery (RPBC), which is located in Cubatão (São Paulo state) and has an estimated investment of around US$ 1.2 billion.

The company further reported that with this approval, it will move towards the final phase of contracting and execution of agreements, and expects construction works to begin by the end of 2026. It added that the project is included in Petróleo Brasileiro's (NYSE:PBR) Business Plan 2026–2030 and has been incorporated into the Base Implementation Portfolio after a consideration of financing conditions. Management stated that the plant will have a production capacity of up to 15,000 barrels per day of renewable fuels (biojet fuel and renewable diesel), and the start‑up is scheduled for 2030.

Petróleo Brasileiro S.A. – Petrobras (NYSE:PBR) is involved in exploration, production, and distribution activities involving oil and gas. The company's operations are divided into the following segments: Exploration and Production; Refining, Transportation, and Marketing; and Gas and Low Carbon Energies.

While we acknowledge the potential of PBR as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

READ NEXT: 15 Stocks That Will Make You Rich in 10 Years AND 12 Best Stocks That Will Always Grow.

Disclosure: None. Follow Insider Monkey on Google News.