The National Administration of Fuel, Alcohol and Portland (Ancap) faces a dilemma: ahead of him, he has the possibility of participating in oil or green hydrogen ventures that are just beginning to be developed in Uruguay; but, on the other, it does not have sufficient financial and equity capacity to be part of the different stages of the operations. Consequently, the state oil company is considering creating a Investment fund that makes it possible to “use those rights in the future” and “generate value that remains within a national economy.”
This was expressed by the president of Ancap, Alejandro Stipanicic. According to the hierarch, the company currently does not have sufficient financial capacity to be part of the investments, especially when it comes to important magnitudes such as those that today are the protagonists of the energy scenario of the Uruguaymostly linked to exploration and oil and hydrocarbon productionas well as the production of green hydrogen.
However, at the same time, not participating in these operations that “carry minimal risk” would be “lost a brutal opportunity”.
The alternative that Ancap manages
Faced with this dilemma faced by the state oil company, the board of directors is analyzing the possibility of creating a Investment fund that has the participation of banks, Pension Savings Fund Administrators (AFAP) and others private actors of the country, with the objective of “generating a critical mass to usufruct those rights in the future and to generate value that remains within the national economy,” explained Stipanicic.
“In order to finance all this, and especially to give good governance to these investment decisions, we are going to propose the creation of a national investment fund to promote these kinds of initiatives. ancap You just can’t do them, and it’s not healthy ancap do them”, affirmed the president of the company. In this sense, he announced that the initiative has already been discussed with government authorities, as well as with the Board of Directors of the Montevideo Stock Exchange.
“Among all of us, we have to think about how to create that Investment fundso that the money is available, that the money is invested wisely, and that there is adequate governance that can take advantage of the rights that it is generating ancap as agent of the State in all these energy ventures”Stipanicic added.
What are Ancap’s projects?
The exploration and production of oil and hydrocarbons and, above all, the production of green Hydrogen, are the two items that stomp on Uruguay in energy matters.
In the first case, ancap has awarded the seven blocks available offshore to international oil companies. In parallel, the oil company plans to launch before the end of the year a call to tender at least four areas for the production of green hydrogen or derivatives from wind farms installed in the sea.
In addition, HIF Global was selected to develop a project to produce synthetic fuels from the capture of biogenic CO2 generated in the ethanol plant of Alcohols of Uruguay (ALUR) in Paysandu.
In all those long-term projects, Ancap, As a government agent, you have the right to participate as a partner in operational stages up to a maximum of 30%. These are large projects, which for the state company would require millions in outlays, more than 500 million dollars in each case.
Source: Ambito
