‘No conflict of interest’ at Montevideo

Terminal Cuenca del Plata (TCP) is located at the Port of Montevideo in Uruguay Terminal Cuenca del Plata (TCP) is located at the Port of Montevideo in Uruguay

Uruguay’s Minister of Transport, Víctor Rossi, has dismissed accusations of any conflict of interest, given that the National Ports Authority (ANP) continues to hold a 20% stake in Terminal Cuenca del Plata (TCP).

He was forced to defend the government’s position given that majority owner, Katoen Natie (80%) is attempting to divest itself of its shareholding. 

“There is no such conflict of interest… The ANP and the Ministry of Transport are clear: our obligation is to look at the activities and the players as a whole, and guarantee their participation.”

The Minister points out that the state holds a stake in TCP for historical reasons only and that its main role is to oversee the national port network.

He added that he remains highly interested in potential bidders, among which is MSC, which is a partner in the Ultramar Group’s operations at Terminal Pacífico Sur, in Valparaíso, Chile. Ultramar is effectively the main rival to TCP in Montevideo, since it owns the operator Montecon.

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