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Ancap notches at least $15 mln in net profit in 2016

 

 

MONTEVIDEO
Petroleumworld.com 03 20 2017

Uruguay's state-run oil company Ancap had a net profit of at least $15 million in 2016, ending five years of annual losses, a government source said on Saturday.

The full-year results will be reviewed by the company's board later this month, added the source, who spoke on condition of anonymity because he was not authorized to comment.

The positive 2016 result followed the board's decision to not pass on lower crude prices to oil suppliers in the South American country.

Ancap incurred $800 million in debt between 2011 and 2015, triggering criticism of the government and an investigation by prosecutors into potential corrupt business practices at Ancap.

Reporting by Matías Larramendi; Writing By Mitra Taj; Editing by Tom Brown from Reuters.

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