It was reported on 20 October 2016, Petrobras has hired Itaú BBA to advise the state-owned oil firm on the potential sale of its 45.9 percent stake in Guarani, a sugar, ethanol, and energy producer in northwestern São Paulo state (Valor, O Globo). Tereos, the French sugar company that controls Guarani, has hired Banco do Brasil as its financial advisor. Between 2011 and 2016, Petrobras invested over US$500 million in Guarani. However, as a part of its divestiture plan, Petrobras is seeking to shed biofuel assets to reduce its debt. It is also considering the sale of its shares in Bambuí Bioenergia and Nova Fronteira.