Ancap and Petrobras to develop joint projects

Oct 20, 1997 02:00 AM

August 27, 1997 Uruguay's oil company Ancap signed a Letter of Intent with Brazil's Petrobras to develop joint projects in natural gas, lubes, and oil refining. The agreement includes to extend up to Porto Alegre, Rio Grande do Sul state (Brazil) a gas pipeline, the feasibility studies of the natural gas reservoirs at Santa Lucia, the setting up of greases and lubes plants in Uruguay to supply to the Mercosur trade block, and the use of Ancap's idle oil refining capacity to produce fuels to supply Rio Grande do Sul. Meanwhile, Ancap is soon to issue the tender to erect a natural gas pipeline from Argentina up to Montevideo estimated to cost $ 100 mm. Ancap will have a 20 % share in the facility to be granted under concession. This pipeline would be extended up to Rio Grande do Sul state (Brazil).

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