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Energy

Brazilian conglomerate Ultrapa to invest $376 million next year

SAO PAULO (Reuters) - Brazilian conglomerate Ultrapar Participações SA said on Thursday its board of directors has approved an investment plan of 1.9 billion reais ($376.5 million) for 2021.

The group said 791 million reais will be allocated to the Ipiranga gas station chain, its main asset, while Ultracargo, its liquid bulk storage unit, will receive investments of 360 million reais, according to a securities filing.

Ultragaz, its residential home gas distribution network, will receive 349 million reais and 293 million reais will be spent on chemical unit Oxiteno.

($1 = 5.02 reais)

Reporting by Aluisio Alves, Writing by Jamie McGeever; Editing by Karishma Singh

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