One Step Forward, One Step Back For Petrobras

摘要

Despite our view for improvements ahead over the medium-to-long term, in the coming quarters we continue to hold a more cautious view on Petrobras' downstream performance. Indeed, in recent months the state-owned company has faced a spate of bad news ranging from a series of refnery fres at its Duque de Caxias (Reduc) and Getúlio Vargas (Repar) facilities, to the announcement that con- trary to initial expectations, a new fuel pricing mechanism will bring neither greater transparency, nor automatic pricing adjustments.