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

研报英文原文证据摘录

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

and approximately 80% of

Argentina's lubricant market.

In recent years, Vibra has been vocal about its intention to expand its lubricants

business both domestically and internationally, potentially through partnerships

as well. Management stated that one of the factors that contributes for the

sector’s attractiveness is the much higher margins of the segment when compared

to the core fuel distribution margins, in which expectations remain to a

normalization at the cR$200/m3 level.

Fuel Distribution: ANP revokes authorizations from the fuel distributors

Saara and Petroriente; ANP approves end of fuel formulation activity;

Russia considers extending diesel and gasoline export restrictions

ANP revokes authorizations from the fuel distributors Saara and Petroriente:

Eixos reported that ANP’s board unanimously approved the precautionary

revocation of the fuel distribution authorizations of Saara and Petroriente following

investigations into the alleged diversion of naphtha and solvents for fuel

adulteration. According to Director Pietro Mendes, both companies were reportedly

involved in schemes that redirected products originally destined for industrial use

into the fuel market. The companies will still have the opportunity to present their

defense before ANP decides whether to maintain the measure.

We view the measure as positive for the fuel distribution sector, reinforcing ANP’s

commitment to tackling irregular practices and promoting a more disciplined

market. Greater enforcement against non-compliant players should improve

competitive dynamics, benefiting regulated distributors through a more level