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Ultrapar Participações S.A. (B3:UGPA3 / NYSE: UGP) announced Monday that Brazil’s Administrative Court for Economic Defense (CADE) has unanimously and unconditionally approved a partnership for the construction and operation of a liquefied petroleum gas (LPG) terminal at the Port of Pecém in Ceará state.
According to a press release statement, the partnership is between Companhia Ultragaz S.A., a subsidiary of Ultrapar, and Supergasbrás Energia Ltda. Both companies will hold equal stakes in a special purpose entity created to manage the project.
The terminal is planned to have a storage capacity of approximately 62,000 tons. The total investment for the project is estimated at R$1.2 billion, with costs evenly divided between the two parties. Completion is expected by 2028.
Ultrapar stated that the project aims to address supply security for the LPG market in Brazil’s North and Northeast regions, which have historically experienced a domestic production deficit.
The company said it will continue to inform the market of any relevant updates related to this project. This information is based on a press release statement and a filing with the U.S. Securities and Exchange Commission.
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