Brazil – the world’s largest sugar producer and second-largest ethanol producer – has suffered from slowing sugarcane output in the wake of the 2008 global financial crisis, exacerbated by high debt levels and poor weather conditions in the past two harvests. To make up for the sector’s current structural inability to supply the country’s growing flex-fuel car market, Petrobras (PBR:US, PETR3:BZ) will be compelled to import more gasoline into the medium term, with the potential for...
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