Petroleo Brasileiro SA plans to start a partnership with Sao Martinho SA that will help the Brazilian sugar producer bring forward a plan to increase its crushing capacity to 30 million metric tons per year by 2020, Valor Economico reported.
Petrobras would help complete construction of a Sao Martinho sugar mill and start a project in Goias state, the Sao Paulo-based newspaper said, citing an unidentified person from the state-controlled oil producer. Petrobras plans to announce the agreement today, Valor said.
A Petrobras official in Rio de Janeiro wasn’t immediately able to comment on the story when contacted by Bloomberg News before regular working hours today.