SAO PAULO (Reuters) - Petróleo Brasileiro SA will resume its investment in renewable energy after reducing debt levels, Chief Executive Officer Pedro Parente said during an ethanol conference in São Paulo on Tuesday.

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Petrobras, as the company is known, has recently sold stakes in ethanol and sugar mills as part of its divestment program. Parente said the company needs to invest in alternative fuels to ensure future sustainability of its business.

(Reporting by Luciano Costa; Writing by Tatiana Bautzer)