Brazilian state oil giant, Petrobras Friday announced it had acquired 45.7 percent of Guarani, the Brazil’s fourth-largest producer of sugar and sugar cane processor.

The state company, via its subsidiary Petrobras Biocombustível, will inject 1.6 billion reals into the company over the next five years and may also make additional investments in order to own a maximum of 49 percent of Guarani.

Guarani’s current production is 60 percent sugar and 40 percent ethanol and the chairman of Petrobras Biocombustível, Miguel Rosseto said that the aim of the deal was to increase ethanol production to 50 percent of the company’s production.

Amongst the factories included in the deal, six of which are in Brazil, Rosseto noted Petrobras’ particular interest in the factory in Mozambique, saying that “it is a good synergy to drive our ethanol exports.”

source: macahub

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