the reasons behind the negative result

the reasons behind the negative result

While the chimneys of La Teja are lit again, the state oil company presented losses of 48 million dollars in the first three months of the year.

Photo: Ricardo Pastorino

The National Administration of Fuel, Alcohol and Portland (Ancap) recorded losses of 48 million dollars during the first quarter of the year, a performance contrary to that of the state oil company of Uruguay had been having in the previous quarters. Among the reasons for this result, the fuel import above what was initially stipulated by the Regulatory Unit of Services Energy and Water (Ursea)as well as the delay in maintenance tasks in The Tile They were key.

Ancap It has been importing fuel since September 4, when the La Teja chimneys were turned off to begin scheduled maintenance tasks — which were delayed a few more weeks amid the conflict with the union. Since then—and until April 30—purchases of gasoline and diesel to supply domestic demand totaled an amount of 11.11 million dollars more than what arose from the Import Parity Price (PPI) made by Ursea.

This gap between the projected and the actual cost of fuel imports was one of the reasons for the negative result for the quarter; although the shutdown of the refinery also contributed to these figures, not only due to the costs of defects but also due to the loss of important Profits that the state oil company had been having.

The costs of technical stoppage

The stop involved a billing to contractors for 72 million dollars, with 1,200 hired workers and 438 Ancap. The state oil company estimated that 1,630,000 cubic meters of products such as diesel, gasoline, supergas, propane, fuel and jet A1 were imported to satisfy demand.

As explained by the president of Ancap, Alejandro Stipanicic This translates into 10 million barrels of already refined products, when the country imports 16 million barrels of crude oil per year to refine in La Teja.

The stoppage had a real duration of 276 days, influenced by previous tasks not completed, delays due to rain, construction licenses and other unforeseen events that multiplied the initially estimated costs. To this, in addition, were added the logistical difficulties which involved the entry and transfer of the barrels from the Port of Montevideo.

Another factor to take into account is the subsidy on supergas, effective since 2022 for lower-income households and which, in May, reached 123,000 households. This corresponds to a cost of 9.6 million dollars in the last five months. Likewise, the product is also subsidized for the general public, since its sale price is below the PPI estimated by Ursea. This difference implied a cost of 14 million dollars this year until May, while in 2023 it was 34 million dollars.

Source: Ambito

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