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LatinNews Daily - 11 September 2018

In brief: Uruguay

Uruguay: The director of Uruguay’s planning and budget office (OPP), Álvaro García, has said that the government has successfully concluded the second stage of negotiations with UPM, the Finnish firm, over the establishment of the firm’s second pulp mill in the country. The proposed US$2.3bn project has been billed as the largest foreign investment project in Uruguay. The government led by President Tabaré Vázquez has been negotiating the installation of the new mill with UPM since last year and the two sides reached an agreement in principle in November 2017. This involves a commitment by the Uruguayan government to develop transport infrastructure projects that would allow the mill to be build in the central north-eastern area of the country but still have access to the port of Montevideo. After a ministerial cabinet meeting yesterday, García said that the two sides concluded the second phase of the three-part negotiation process after agreeing on a project to build a new specialised pulp port in Montevideo for which the government will now open a public tender process. García added that following the conclusion of the second phase of negotiations UPM and the Vázquez government have set a March 2019 deadline for concluding the negotiations.   

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