ANCAP's Carboclor sinks deeper, goes after sale or merger

Tuesday, November 15th 2016 - 09:40 UTC

Full article 4 comments

Losses increase from US $ 9 million by mid year to US $ 14 million in September due to contraction of domestic demand, the fall in international prices and the percentage of ethanol cut in gasolines.Carboclor, ANCAP's subsidiary in Argentina, shows no sign of recovery in its most recent balancesheet as production fell below “normal levels” caused by financial shortcomings which in turn led to a decrease in the inflow of raw materials to the refinery in Campana in the province of Buenos Aires. Shutting down the plant for 25 days is being considered as a partial solution. Read full article

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chronic
While it may serve as a bellweather for future events this isn't a very big deal - even by latam standards.
Nov 15th, 2016 - 05:34 pm - Link - Report abuse +1
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ChrisR
ANCAP is a Uruguayan government monopoly run by the usual crooks who in the last four years (Pepe years) have 'lost U$D 1,000 Million and have asked for another U$D 1,000 Million to tide them through the four Vasquez years.

There are only 1.2 million actual taxpayers from revenue making private businesses, etc (as distinct to government employees who are canned into thinking they pay tax).

We are told by Vasquez that these losses are the reason he cannot drop the price of fuels despite the massive drop in market prices.

He has assured us that he is making every ANCAP subsidiary show its accounts for 'transparency'. OOOPS! Now they are published it has shown even more losses which have been hidden and carried forward for years and nobody in government KNEW.

Talk about shit hit the fan. Still no actual people been fired or money recovered of course 'but it will be dealt with'. So that's alright then.
Nov 15th, 2016 - 06:05 pm - Link - Report abuse +1
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LuisM
Maybe, as @chronic says, it is not a big deal. But it is like a syphilitic chancre, not a big deal by itself but showing there is a mean disease there.

Uruguay is, politically, very ill, almost dying. The government is alike to a mafia cartel, sitting there just to steal more, and controlling the justice to avoid being jailed.

They are even publicly refusing any investigation, they don´t know shame.
Nov 15th, 2016 - 07:18 pm - Link - Report abuse +1
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ChrisR
@ LuisM

I do hope DemonTree reads your post.

His liberal upbringing is blinding him to the real sufferers: the good people of Uruguay.
Nov 16th, 2016 - 12:45 pm - Link - Report abuse +1
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