Uruguay’s Ancap Explores Refining Venture to Gain Regional Clout

Uruguay’s state-run oil company Ancap has held informal talks with at least two refiners in South America to gauge their appetite for joining forces to gain more clout in the regional market, Chairman Alejandro Stipanicic said.

A potential deal could include agreements to jointly buy crude and export refined products, as well as the pooling of technical expertise, Stipanicic said in an interview at his office in Montevideo. That would allow them to offer more competitive products than as stand alone companies, he said.

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