The new government of President Andrés Manuel López Obrador outlined plans for a new US$8bn refinery and six refinery reconfigurations in order to bring production of refined products up to 600,000b/d by mid-2020.
Max Torres, the CEO of Colombian oil startup Selva Energy, speaks to BNamericas about the company's growth plans in the second of a two-part interview.
Although the bulk of Uruguay's electricity comes from hydropower and wind farms, changing hydrology and the intermittent nature of renewable energy, amid growing consumption, requires the country to guarantee the availability of baseload generation.
The regulator believes it is important for the company to sell assets in the Southeast region in order to create a competitive environment in Brazil's refining market.
Investments represent a 13% increase in comparison to the firm's previous plan
The efforts will be directed to the increase of oil production. The focus is on the supply of chemical inputs