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Uruguay renegotiates $3 bn pulp plant deal with Finland's UPM
by Staff Writers
Montevideo (AFP) May 15, 2020

Uruguay's President Luis Lacalle Pou announced on Friday that the government had renegotiated the terms of a deal that would see Finnish company UPM invest in the building of a pulp plant in the South American country.

The original $3 billion investment by UPM, which already operates one such plant in Uruguay, was controversial because the new plant is located on the Uruguay River, which forms the border with Argentina.

Environmentalists have raised concerns over the plant's impact on the river while Argentina lost a challenge in the International Court of Justice.

Lacalle Pou said in a press conference that under the new agreement, UPM would invest more money while the government would spend less.

UPM will now be responsible for the costs of infrastructure works that under the previous deal had been the government's responsibility.

"We're talking about around $60 million in road infrastructure and $68 million in electrical infrastructure," said Lacalle Pou.

The original agreement was signed by the previous left-wing government when the center-right Lacalle Pou was part of the opposition that had expressed concerns over economic and labor concessions granted to UPM in the deal.

Lacalle Pou also estimated that the government would save around $7 million a year over 20 years in the purchase of electricity generated by the new plant.


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With attention on virus, Amazon deforestation surges
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It has not gotten much attention with the world focused on coronavirus, but deforestation has surged in the Amazon rainforest this year, raising fears of a repeat of last year's record-breaking devastation - or worse. Deforestation in the Brazilian Amazon hit a new high in the first four months of the year, according to data released Friday by Brazil's National Space Research Institute (INPE), which uses satellite images to track the destruction. A total of 1,202 square kilometers of forest (46 ... read more

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