February 10, 2026 [Reuters]- Swiss-founded energy and commodity company Mercuria Energy Group has advanced in its bid to acquire a refinery and hundreds of gas stations in Argentina from troubled Brazilian sugar-and-ethanol producer Raizen, according to two people familiar with the matter.

One source said that the deal could be closed soon, though there remains a risk it may not be completed. A second source said that the signing could still be a few weeks away, adding that the transaction is likely to surpass $1 billion, though no binding agreement has yet been signed.

One of the two people said that global energy and commodities conglomerate Vitol Group had also previously pursued acquiring the assets of Raizen in Argentina, but talks with Mercuria moved forward.

Mercuria did not immediately respond to requests for comment. Vitol and Raizen declined to comment.

Bloomberg was first to report that Mercuria was nearing a deal to buy Raizen assets in Argentina.

Raizen, a joint venture between Brazilian conglomerate Cosan and London-listed oil company Shell, has posted a series of heavy quarterly net losses and accumulated high levels of debt.

The mounting financial pressure has triggered a selloff in its bonds and prompted two major credit rating agencies to downgrade the company earlier this week.

Fitch slashed Raizen’s credit score first to ‘B’ and later the same day to ‘CCC’. S&P Global Ratings downgraded Raizen to ‘CCC+’.

Late Monday, Raizen confirmed that it has appointed law firms Pinheiro Neto and Cleary Gottlieb as legal advisers and Rothschild as its financial adviser.