URUGUAY (News release) -- UPM is taking part in the international public tendering process in the port of Montevideo organized by the National Ports Administration (ANP) of Uruguay. The scope of the concession tender is the building and operation of a port terminal specialized in the storage and shipping of pulp, chemicals and other inputs related to pulp production with a capacity to handle approximately 2 million tonnes of pulp annually. The tender includes the design, financing, engineering, construction, operation and maintenance of the pulp terminal. The tenure of the concession would be for 50 years.

If awarded a concession in the Montevideo port, UPM's financial commitment in the form of a performance bond would be $20 million at this stage. At the time of the potential final investment decision on the pulp mill project UPM would proceed with the port investment decision and start of the construction of the port facilities. The preliminary UPM investment estimate for the port facilities would be approximately $260 million.