December 28, 2016 / 9:22 PM / 9 months ago

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

The logo of Brazil's state-run Petrobras oil company is seen on a tank in Sao Caetano do Sul, Brazil, September 28, 2016. REUTERS/Paulo Whitaker

SAO PAULO (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 [TEREO.UL].

Petrobras (PETR4.SA), 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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