The sugar group Tereos announced on 30th October that Brazil’s Petrobras had raised its stake in their sugar and ethanol joint venture Guarani to 45.9% through a capital injection of 268 million reais (US$69.75 million), reported Reuters.
Tereos, which said this was the final step of a strategic partnership signed with Petrobras in 2010, remains the majority shareholder with 54.1 percent of the capital.
The 268 million reais would be paid up by Petrobras on Jan. 5, 2016 and finalizes a total investment of 1.611 billion reais, Tereos said in a statement.
The Brazilian state-run oil company has the largest debt load of any oil major in the world and is trying to overcome a massive corruption scandal, so there was doubt in the sugar sector if it would complete its investment in Guarani.
Guarani has seven mills in the top sugar producing state of Sao Paulo. The plants have a combined production capacity of 1.73 million tonnes of sugar and 903 million liters of ethanol per year.