December 28, 2016 / 9:18 PM / a year ago

Brazil's Petrobras sells stake in ethanol company Guarani for $202 mln

SAO PAULO, Dec 28 (Reuters) - Brazil’s state-run oil company Petroleo Brasileiro SA said on Wednesday it had sold its stake in the ethanol company Guarani for $202 million to France’s biggest sugar group Tereos.

Petrobras, as the company is known, announced in October a 25 percent cut in planned investments to reduce its debts and revive investor confidence sapped by a corruption scandal, including a commitment to pull out of the biofuel sector.

Guarani runs seven sugar and ethanol mills in Brazil, making it one of the largest processors in the world’s top sugar producing country. (Reporting by Brad Brooks; Editing by Daniel Flynn)

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