Argentine government takes control of oil and gas industry planning
The Argentine government announced the creation of an oil planning commission that will set national energy goals and have the power to review private companies’ investment plans.
Oil producers will be catalogued in a national registry overseen by the new commission, according to a decree published in Argentina’s official Gazette. Companies will have to submit annual investment plans by Sept. 30 and the commission will be able to reject proposals it deems aren’t consistent with the national energy goals that the body sets.
The decree strengthens Argentina’s control over the oil industry after the April nationalization of YPF, Argentina’s largest energy company, on the grounds that it failed to invest enough to increase output. Argentina seized a 51% stake from Spain’s Repsol SA after opposing the company’s payment of dividends.
The new commission will be made up of officials from the planning, energy and internal commerce ministries, the official bulletin shows. It will seek to “increase and maximize investments employed to explore, exploit, refine, transport and sell hydrocarbons with the goal of guaranteeing self-sufficiency and sustainability,” according to the document released by the Argentine government.
The body will have 60 days to review the annual investment plans submitted by energy companies and “verify their consistency and adaptation” with the goals it establishes. It can “request the submission of a new annual investment plan that adjusts to the requirements of the national plan for hydrocarbon investments,” the document shows.
The government is authorized to fine companies that don’t comply with national regulations and cancel their concessions, according to the document.
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More interference from the government. And they wonder why international companies are reluctant to invest in Argentina!
The Mad Bitch is never happy unless she is making 'the men' jump through hoops.
What is next for this beleaguered industry? Plans every year for an industry that thinks in decades just about sums up what is behind this announcement. If you don't meet what WE think then we will 'rob' your company off you (but they use a nice legal word of course).
Shame they can’t see the mould then .lol.
The only game in town was then to 'fix' the figures to appear to be meeting 'government achievement targets'.
The Argentinians are already experience at this sort of thing, so we can expect the same outcomes.
thay way, not only can they show there flag at the front, but have a cnance of winning something,
but the falklands are not invited,
[she said] if you wish gold, then dont invite the best lolol.chuckle, justa joka .
BTW I¡m just waiting for the Anglo tax all moron speaking English should be taxed for ignorant retarded.
Power to the people and shit to the Brits.
There IS an Anglo tax, that which all Permanent Residents pay if they pay their UK IR taxes.
Luckily there is a 'no double taxation' arrangement with Brasil, so my tenure only pays the nett excess to the Brasilian authorities.
Nice - though slightly impenetrable for those not strong at Brasilian Portuguese - online submission process.
Are these the same arrangements in Argentina?
that way, they can keep their shit and tax it themselves .
Oh no!! this is the end of all Argentina's problems. Please have a little faith!!
KFC has done such a wonderful job with the economy so far, how can this be anything else other than a roaring success?
Can Argentina afford to invest enough to increase output?
Oh! I guess I answered you in another article bloody 'ell...
I don’t know if I understood your question...
But as far I know Argentina does not tax residents if they don’t have a business what produces some amount of income in ARG to them or properties that exceed the minimum value to be subject to “Bienes Personales”.
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