Economy & Market
Ancap to invest $70 mn to increase cement production
Uruguay's state oil company Ancap will invest $70 million in 2011 to reach an annual cement production of one million tonne. The expenditure forms part of the firm's $210 million investment budget approved by legislators for 2011, according to the spokesperson of the company. Ancap will expand production at its cement plants in Paysandu and Lavalleja, increasing its current production capacity by 50 per cent. The firm will also invest $40 million in a lime plant in Treinta y Tres. The oil firm's 2011 budget also involves improvements in transport and logistics in the port area of its La Teja refinery to optimise regional trade activity. Ancap will also invest $120 million in oil production projects, according to documents submitted by the company to the finance ministry.