Tim Nash Cosan Ltd. CZZ-N WEAK BUY Mar 14, 2019

A Brazilian company looking at bio-fuels from sugar. Mostly it is about ethanol. You create fuel from off-cuts from the industry. Because of subsidies we grew a lot of corn here for fuel. This is an easy way for governments to meet carbon targets – up the ethanol in fuel at the pumps. There are currency and political risks that he can't speak to. Long term if we move to electrification then it impacts gasoline and ethanol demand.