Cosan, Shell agree to merge Brazilian fuels businesses

摘要

Rio de Janeiro-Shell and Brazil's Cosan, the world's largest sugarcane ethanol producer, signed a non-binding agreement to merge their fuels operations in Brazil, a deal worth some $12 billion.The joint venture will create a company with about $21 billion in annual revenue, Cosan Chairman Rubens Ometto told reporters February 1 in Sao Paulo. Together, Cosan, which operates under the Esso brand, and Shell will own 4,500 service stations in Brazil, or about 10% of Shell's worldwide total.