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Montevideo, November 25th 2020 - 02:35 UTC

 

 

Argentina presents incentives to attract investors for its “Gas Plan”

Saturday, November 21st 2020 - 09:21 UTC
Full article 3 comments
Under the “Gas Plan” companies will be permitted to tap the exchange market for repatriation of investments, income and for maturities of debt for investments Under the “Gas Plan” companies will be permitted to tap the exchange market for repatriation of investments, income and for maturities of debt for investments

Companies that participate in Argentina’s natural gas production plan will have free access to the official foreign exchange market, the central bank said this week, opening a loophole in tight capital controls that have been in place for more than a year.

Companies that participate in Argentina's so-called “Gas Plan” will be permitted to tap the exchange market for the repatriation of investments, income and for the maturities of debt for investments made as of Nov. 16, the bank said in a statement.

“The Board of Directors of the Central Bank of the Argentine Republic approved the conditions for free access to the exchange market of companies that participate in the Plan for the Promotion of Natural Gas Production 2020-2024...,” the bank said in a statement.

President Alberto Fernández called on energy firms in October to invest some US$ 5 billion as part of Argentina's plan to boost hydrocarbon production and generate jobs, as well as to bring in much-needed foreign currency.

Since August 2019, Argentina has had strict currency controls in place aimed at protecting foreign reserves, after a steep collapse of the peso currency. The limited access to dollars in the official market has led to a gap with alternative rates that has reached more than 80%.

Categories: Energy & Oil, Argentina.

Top Comments

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  • Dirk Dikkler

    What still No Takers then.

    Posted 3 days ago 0
  • Chicureo

    Its simple actually — their insane currency controls — dooms Argentina to misery.

    You really should know that Argentines are a wonderful people who have some of the finest of everything — yet that unfortunately suffer from financial insanity.

    They really can't help themselves

    Posted 3 days ago 0
  • Freddy Worldwide

    This is the obvious result of an Sino-Anglo-Teuton-Iberian-Yankee-Nippon-Carioca plot, that was uncovered recently. Why the foreigner must be fought at every corner. The Foreigner is a Foreigner, always remember they want you hanging from your manhood.

    Actually it's a Sino-Latvian-Reptilian-Bolivian-Martian-Mississippian-Precambrian-Transjordanian-Antediluvian-Avian plot that affects not only fish and snake eggs but also insidiously acts to increase the lead oxide content in reprocessed Fernet, which is now viewed as largely responsible for the phenomenal increase in mental illness in Argentina.

    Posted 2 days ago 0
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