Company: PBR
Filing Date: 2025-04-03
Form Type: 20-F
Source: 0001292814-25-001352
Chunk: 82

Company: PETROBRAS - PETROLEO BRASILEIRO SA
Filing Date: 2025-04-03
Form: 20-F
Item: Item 17
Chunk 82
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31, 2025. This extension aims to facilitate a comprehensive rebranding of Petrobras’ 
                                      trademarks to Aramco; and                                   
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–                                           Paraguay:                                        
                                    following the sale of our                                
    distribution operations in Paraguay, which was concluded in 2019, we entered into a brand
    licensing agreement in Paraguay for the exclusive use of our brands, for the initial term
     of five years. The parties have approved an extension of the contract term through 2026.
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 For more information of the divestment process, see “Mergers and Acquisitions” in this annual report.
 

Annual Report and Form 20-F 2024 |
Customers and Competitors
 We interact with 485 clients in Brazil, in regard to liquid and solid products, seven of which account for 66% of the total volume sold.
 
<{self.tag} alt="{self.alt}" src="{self.src}">LIQUID AND SOLID OIL PRODUCTS CLIENTS (% vol)
  The sale of oil products to distribution companies is done mainly by contracts executed in accordance with ANP regulations.
 We offer a virtual commercial platform, called Canal Cliente to Brazilian market companies. The platform works 24 hours a day, seven days a week. Through this online platform, clients can place orders for products, schedule withdrawals and track the entire business process up to the payment phase.
 According to information provided by the ANP, we have a dominant participation in the Brazilian market for refining. We own and operate 10 refineries in Brazil.
 With respect to the trading of oil products in the Brazilian market, we face competition from importers, formulators, other domestic producers and petrochemical plants.
 In 2024, our participation in diesel markets decreased compared to the previous year, mainly due to the increase in the mandatory blend of biodiesel, and the increase in imports by other agents to Brazil, especially those from Russia.
 Our share in the gasoline market also declined driven by changes in taxes. In 2022, the Brazilian federal government eliminated federal taxes on gasoline and ethanol, which impacted gasoline C prices more than hydrated ethanol prices due to the higher tax burden on gasoline C. This altered the price relationship between the two substitute products, leading to increased gasoline C consumption in flex-fuel vehicles. In 2023, the federal government reinstated federal tax rates on gasoline and ethanol in two phases, with states also raising the ICMS tax on gasoline C in February 2023 and 202