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    Jorge Gabrich

    Research Analyst at Scotiabank

    Jorge Gabrich is Head of Oil & Gas Equity Research for Latin America at Scotiabank, specializing in equity research and analysis for the energy sector with a particular focus on oil and gas companies operating across the region. He is recognized for covering major firms such as Ultrapar Participacoes SA (UGP), where his investment ratings have contributed to returns in line with, or exceeding, sector benchmarks; recent coverage includes a notable ratings upgrade that aligned with a strong outperforming Zacks Rank. Gabrich began his equity research career as a partner and analyst at Sumauma Capital from 2021 to 2024 before joining Scotiabank, and earlier in his career, he held senior research roles at other major financial institutions in Latin America. He holds advanced professional credentials relevant to securities analysis, and is known for leading high-performing research teams focused on delivering data-driven client insights in the Latin American market.

    Jorge Gabrich's questions to PETROBRAS - PETROLEO BRASILEIRO (PBR) leadership

    Jorge Gabrich's questions to PETROBRAS - PETROLEO BRASILEIRO (PBR) leadership • Q1 2025

    Question

    Jorge Gabrich asked about the Q1 decrease in the refinery utilization factor and the outlook for normalization, as well as key learnings from successfully anticipating production system startups.

    Answer

    William da Silva, Executive Director of Industrial Processes, explained the utilization factor remained strong at over 90% despite a major scheduled revamp at the RNEST refinery and is expected to average 92-93% for the year. Renata Baruzzi, Executive Director of Engineering, shared that key learnings include closer shipyard monitoring, pre-installing anchoring systems, and manning rigs during transit to accelerate on-site commissioning.

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