SAO PAULO, Aug 19 (Reuters): Brazil's majority state-owned oil company Petrobras has no planned investments in ethanol production or distribution of the fuel with Raizen, the company said in a statement late on Monday.
Shares in Raizen jumped earlier in the day following a weekend report from Brazilian newspaper O Globo, which said Petrobras is exploring investment opportunities with the sugar and ethanol producer.
They closed Monday at 1.15 Brazilian reais, up 10.6 per cent versus where they finished at the end of last week.
Raizen, a joint venture between Cosan and Shell, saw its stock plunge more than 16 per cent last week after posting a quarterly loss amid rising net debt.
The world's biggest sugar producer is going through difficulties as it contends with soaring net debt, which was just shy of 50 billion reais ($9.2 billion) at the end of the first quarter of the 2025-2026 crop year. Raizen executives said on Thursday that a capital injection from a potential new partner could help turn the company around, alongside divestments of certain assets.
On Friday, Cosan's Chief Executive Marcelo Martins also said that securing a new strategic partner was a potential option to improve Raizen's capital structure.
Petrobras has no planned investments in ethanol, distribution with Raizen
FE Team | Published: August 19, 2025 21:36:35
Petrobras has no planned investments in ethanol, distribution with Raizen
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