Petrobras, via its green subsidiary Petrobras Biocombustíveis, will invest R$1.6bn ($925m) and gain a 45.7% slice of Guarani, a Tereos subsidiary and the fourth largest processor of sugar cane in Brazil.
The announcement follows Anglo-Dutch oil giant Shell’s recent disclosure that it has entered into a memorandum of understanding (MOU) with the leading sugar-cane ethanol producer in Brazil, Cosan, to create a $12bn joint venture.
