SAO PAULO (Reuters) - Brazilian beef producer Marfrig MRFG3.SA on Friday announced a non-binding agreement with the Paraguayan Association of Meat Producers and Exporters (APPEC) to explore potential investment opportunities in the country.

The agreement entails incorporation of a new company in Paraguay in which Marfrig will have majority ownership of 85%, the statement said. APPEC will own 15% in the venture.

Marfrig, which owns National Beef in the United States, is one of Brazil’s largest beef producers and the world’s largest maker of beef hamburgers.

In the statement, Marfrig said its investments through the new Paraguayan venture may reach $100 million over 24 months.