Ancap confirms the losses in the Portland sector after the failure of the association with private companies

Ancap confirms the losses in the Portland sector after the failure of the association with private companies

The state company Ancap presented a profit of 4 million dollars in the monopoly market of fuels, despite having given up 61 million dollars for sales below the Import Parity Price (PPI). For its part, the subsidy focused on the price of supergas It was for 13 million dollars. In regards to Ancap Groupwhich includes various other businesses in this case in competition, has made a profit of 132 million so far this year.

“The final result at the level of the entire Ancap Group is generated by the result in the monopolistic market, to which is added the profit of 45 million from the non-monopoly businesses, US$ 29 million of the net results of the related companies. (Ducsa, aluramong others), and US$31 million of sales results UTE for electricity generation in the local market.

It is in the cement area where losses close to US$22 million appear in the year, the state company explained during a meeting with journalists in which it participated. Ambit.

Regarding the current financial situation of the company, its president Alejandro Stipanicic He said that since the refinery was paralyzed The Tile “from September to December Ancap will not have the refining margin and we are facing import prices that are set by the Ursea, for which we foresee a loss in those four months. We hope it is not higher than profits,” he said, clarifying that this will not impact prices. of fuels.

“What is clear is that Ancap It will not be able to contribute as in previous months to supporting prices, in case fuel prices in the world rise. In the last month, there was a pronounced drop in gasoline and a certain stability in diesel, reflected in Ursea prices, but still quite high values ​​compared to averages from previous months,” said the leader.

Stop at the La Teja refinery

Stipanicic reported that the construction and maintenance work at the La Teja Refinery will end 90 days later than expected due to the union measures that were lifted after the historic agreement reached with Construction Chamber, Metallurgical Chamber and the unions sunca, Unmtra and Fancap. The shutdown began on September 4 and the refinery is scheduled to begin operating again at the end of February, returning to full capacity at the end of March, reported the president of the state company.

“The 90 days generate a loss of profits of between 500,000 and 800,000 dollars. Two months ago we thought that the lost profits were going to be closer to $800,000 per day, today the fall in international prices and the difference between the price of crude oil and derivatives has narrowed a lot, so today the perspective is already one minor lost profits,” the president clarified.

The failed Portland business

In the presentation of the company’s balance sheet, the president of Ancap He was accompanied by the general manager of the company Ignatius Horvath. Those responsible clarified that, after the lack of offers in the tender to partner with private companies, the company is preparing to reorganize the business “to mitigate losses through cost reduction.” The details of this operation will be known between the months of March-April 2024.

With respect to supergas, it was highlighted that the subsidy has been focused on the most economically vulnerable sectors, reducing it by 69%.

Debt management

The pesification of the debt contracted in 2016 with the Andean Development Corporation (CAF)has meant a key step in the financial strategy of Ancapeliminating the exchange risk on its liabilities until 2028

The action consolidated a gain due to rate differences throughout the period for 10 million dollars recorded in the financial statements as of September.

Source: Ambito

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