By Roberto Samora
SAO PAULO, Nov 12 (Reuters) - Brazilian energy and logistics
group Cosan SA awaits a government change in
Argentina to better evaluate potentially negative impacts from
fuel prices freeze to its subsidiary Raízen Combustíveis, an
executive said on Tuesday.
Cosan is a partner of Royal Dutch Shell Plc in the
JV Raízen, which suffered losses in Argentina with a $55 million
inventory in the third-quarter after the Argentinian government
decided to freeze prices in August, the company said.
In a call with investors to discuss Cosan's third-quarter
results, during which Argentina was the main topic, the head of
Investors Relations Phillipe Casale said it is unclear yet how
the political and macroeconomic situation will evolve after
Peronist Alberto Fernández takes over the presidency.
Casale added that Raízen will "optimize" its operations in
Argentina according to the political environment, without giving
any further details.
He refrained from providing estimates for the
fourth-quarter, as fuel prices have been gradually frozen in
November.
Despite the political and economic scenario in Argentina,
total sales volume grew by 14% in the third-quarter compared to
the previous quarter.
In October, Raízen concluded the acquisition of downstream
assets from Shell in Argentina for $916 million, including
hundreds of gas stations, a refinery, a lubricant plant, among
other assets.
Concerning the sale of refineries by Brazilian state-run oil
company Petroleo Brasileiro SA, known as Petrobras,
Casale said Cosan is considering potential business
opportunities.
Cosan' shares were trading almost 5% down on Tuesday at
57.61 reais, among the worst performances of the Brazil's main
stock index, which was falling 1.46%.
(Reporting by Roberto Samora; Writing by Gabriela Mello;
Editing by Sandra Maler)
