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The government influence on Petrobras’ business strategy could be a cash flow negative for Brazilian sugar and ethanol (S&E) participants, though Neutral for their ratings. Fitch understands that any potential change to Petrobras’s pricing policy that deviates from the import parity, as has previously occurred, would likely put the expected recovery of the ethanol sector at risk. Hydrous ethanol’s competitiveness as a gasoline substitute in Brazil declines when gasoline prices fall. On Feb. 19, 2020 Brazil’s Ministry of Mines and Energy requested that Petrobras’ board of directors replace the company’s CEO. The government’s request coincides with a period of growing social pressure over domestic diesel prices, demonstrating the impact of political risk on the company’s strategy. The maintenance of Petrobras’ current import parity policy is important for the recovery of the domestic ethanol sector in 2021. In 2020, ethanol producers with little presence of sugar in

Brazil ministry of minesபிரேசில் அமைச்சகம் ஆஃப் சுரங்கங்கள்