LatAm Oil & Gas: LightHouse: PBR (3x), EC, BRAV, RECV, BRKM, Fuel Dist. (2x), Global (3x)

研报英文原文证据摘录

LatAm Oil & Gas: LightHouse: PBR (3x), EC, BRAV, RECV, BRKM, Fuel Dist. (2x), Global (3x)

emoval of the R$0.44/l subsidy should be accompanied by the end of the

equivalent discount to distributors, resulting in no effective impacts for

Petrobras absent additional adjustments. As a reference, we estimate an

annualized FCF impact of cUS$0.9bn for every R$0.20/l change in diesel

realization, whether driven by pricing or subsidies, and cUS$0.5bn for every R

$0.20/l change in gasoline.

What would be the impact of subsidies removal on Fuel Distributors? With

prices paid by distributors remaining unchanged for diesel, we see no direct

impact on distributors from the removal of subsidies. For gasoline, however,

the end of Petrobras’ R$0.44/l discount would increase distributors’

acquisition costs by the same amount. While this increase could be passed

through to pump prices, we believe it may lead to some margin compression

and accelerate the normalization from current record levels, particularly as

overall market supply conditions also continue to normalize.

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Petrochemicals

Braskem: Court rejects creditor request to suspend Braskem control

transfer to IG4

Valor reported that the São Paulo Court rejected a creditor's request to suspend the

transfer of Braskem's control to IG4 Capital. According to the decision, the creditor

failed to demonstrate the existence of irreparable harm or legal grounds sufficient

to justify suspending the transaction. The ruling also stated that the creditor's

allegations were not sufficient to challenge the lower court's decision, which had

been supported by opinions from both the Judicial Administrator and the Public

Prosecutor's Office. The court noted that it found no irregularities in the transfer of