The Argentine government signed the decree on Thursday formalising the decision for the state to begin to control a part of the mobile phone sector, a measure announced on Wednesday by Planning Minister Julio De Vido.
Argentina announced the government has rejected the proposals made by bidders seeking to gain a public contract to manage up to 25% of the 3G telecommunications frequency nationwide. Instead the federal government satellite and communications company Arsat will get 20% of the available 3G spectrum.
Argentina’s nationalized oil and gas corporation YPF announced it has plans to drill 250 wells in the next five years to further advance the country’s “hydrocarbons frontier”. During a presentation at a posh hotel in Buenos Aires under the heading of “Argentine Exploration Plan”, YPF CEO Miguel Galuccio called on investors to trust him and support the plan.
Federal Planning Minister Julio de Vido announced that several members of the Argentine Government would be flying to China in September in order to close several cooperation agreements between Chinese oil companies and YPF, intended to deepen the bilateral relations.
Venezuelan president Hugo Chavez announced he expected to sign an oil/gas alliance between Argentina’s YPF and PDVSA (Venezuelan Petroleum) when he meets with his peer Cristina Fernandez in Brasilia in the framework of the Mercosur extraordinary summit to officially incorporate the country as full member of the trade group.
Planning Minister Julio De Vido denied that the Government plans the “intervention” of the energy sector and clarified that “we demand investment and production plans. This is not an intervention, simple more planning.”
The fountains in Argentina’s capital Buenos Aires emblematic Plaza de Mayo were left unlit Tuesday and Wednesday night, after electricity company Edesur cut off power due to the city’s government's failure to pay the bill.
Venezuelan President Hugo Chavez advised Repsol to seek a friendly agreement in its dispute with Argentina and noted that the Spanish energy company held important assets in his country.
Petrobras Argentina, the local unit of Brazil's state-owned energy firm, said on Monday it had found new oil and natural gas resources in its Estancia Agua Fresca concession in the Patagonian province of Santa Cruz
Argentine President Cristina Fernandez made the historic decision to nationalize oil and gas company YPF at “the right moment” because Repsol was “milking dry” YPF resources and reserves, said Planning Minister Julio De Vido and Deputy Economy minister Axel Kicillof at a press conference at the Economy ministry in Buenos Aires.