Ancap’s subsidiary also requested US$20 million to finance the price risk management hedge for the new year.
The subsidiary company of the National Administration of Fuel, Alcohol and Portland (Ancap), Alcohols of Uruguay (ALUR)requested authorization to contract debt for 50 million dollars, with the aim of carrying out its Canola Plan 2023-24.
As it did last year, ALUR requested debt to develop its production plan for this important grain both in the Uruguayan agro-export system and in the green fuels system, mainly to “finance the necessary working capital”, according to the resolution. state. To do this, he requested a credit line of 50 million dollars, “with possible endorsement from Ancap”.
The subsidiary of the state oil company also asked him for authorization to contract tools for hedging for price risk management for until 80 million dollarsas well as “Ancap’s solidarity finance to guarantee said coverage, which is estimated at 20 million dollars.”
Now, the request must be approved by the Executive Power, while the conditions of the line of credit “will arise from a competitive process to be carried out by ALUR, as well as the guarantee required for it, all of which will be submitted to the consideration” of the state once said process has been defined.
ALUR’s oilseed plan
ALUR estimates that the Oilseed Plan 2023-24 will manage to process 83,000 tons of canola and 10,000 tons of sunflowerfrom which it is projected to produce 12,000 tons of biodiesel, 27,695 tons of oil and 47,480 tons of pellets for animal feed.
The average contribution margin is estimated at 200 dollars per ton of product, with which “a contribution to the result of ALUR would be achieved in the order of 7 million dollars”, indicated the resolution.
At the close of the Canola Plan in 2022-23, some 9,085 cubic meters of biodiesel and 17,919 tons of crude oil were exported—some 14,477 tons of canola oil, 3,000 tons of sunflower oil, and 400 tons of soybean oil. The previous year’s plan contributed more than 9 million dollars to the ALUR results.
Source: Ambito
