UTE gets go-ahead for credit line

UTE gets go-ahead for credit line

Loans Electricity Oil Hydro Uruguay

Uruguay's state-owned power company UTE received government approval to take out an up to $70 million contingent credit line for working capital, helping it to get through a period of low hydropower output and high oil prices for generating electricity, El Observador newspaper reported on Friday. UTE can now approach local banks for the two-year credit line, the paper reported. The company's board of directors requested the credit line in February, as a severe drought reduced output from its hyd

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