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France's Tereos is seeking to reclaim stakes in seven ethanol plants belonging to Brazil's state-run energy giant Petrobras, according to the company's local head.
The Lille-based firm sold a 45.9% share of operator Guarani in 2010 and is understood to have the right of first refusal in any future sale by Petrobras.
"We know these assets very well and know their potential," Tereos' Brazil chief Jacyr Costa Filho was quoted as saying by newspaper Folha de S.Paulo on Tuesday.
"For that reason, if they [Petrobras] really decide to leave the business we are interested."
Last month Petrobras announced plans to exit the ethanol sector by 2017 as it turns its focus to offshore oil and gas production.