Petroleo Brasileiro SA, Brazil’s state-controlled oil company, agreed to buy 2.1 billion reais ($1.2 billion) worth of ethanol from sugar-cane processor Acucar Guarani SA.

Acucar Guarani will supply as much as 2.2 billion liters (580 million gallons) of ethanol to the oil producer in the next four years, Rio de Janeiro-based Petrobras said in a regulatory filing today.

Petrobras agreed April 30 to buy 45.7 percent of Acucar Guarani from Lille, France-based Tereos for 1.6 billion reais over as many as five years.

Tereos, which controls Guarani, gained 28 centavos, or 7 percent, to 4.29 reais in Sao Paulo trading at 9:14 a.m. New York time, the most since May 26. It surged as much as 8.5 percent earlier today. Petrobras rose 20 centavos, or 0.8 percent, to 24.41 reais.

source: bloomberg

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