The country's prime minister is taking action following an audit of the state refiner.
Suppliers sold nearly 915mn liters of biodiesel
Cade believes the sale is pro-competition and will not have significant effects on the fuel distribution and resale market.
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