Paolo Rocca: “Milei’s program seems like what Argentina needs”

Techint Group President and CEO Paolo Rocca was one of the keynote speakers on the third day of S&P’s CERAWeek, the energy megaconference taking place this week. Interviewed by Daniel Yergin, vice president of S&P and one of the leading energy experts on the planet, Rocca defended Javier Milei’s economic program.

According to the specialized magazine EconoJournal, Rocca’s statements would be the following:

• “Argentina comes from an extremely difficult economic situation at the end of the mandate of the last president (Alberto Fernández). In elections, the majority of people opted for a profound change in the way the country is run. And the new president (Milei), elected with 56% of the votes, He has great support. He is a private president.

• “You saw it in his speech in Davos. But the central point is his economic program seems like what Argentina needs, such as reducing the fiscal deficit and public spending from 40% to 25% and market liberalization.

• “The country is in a situationn very difficult, with a recession and very high inflation. Personally I think the program will be successful. Argentina needs this. It is very important to open up new opportunities.

• “The new Law on Hydrocarbons (in reference to the amendments to Law 17.319 provided for by the new Law on Bases), aims to local prices reflect international prices and allow capital to circulate To obtain financing, moving dividends abroad will create an environment that, in my opinion, can encourage very important investments.

• “Argentina can play an extraordinary role in the global energy market. If the country faces tax reform, regulatory changes for hydrocarbons and a law on large projects (referring to the Large Investment Incentive Regime, RIGI, including in the Legal Bases) approved by Congress, even with the necessary adjustments, I believe that it will open up for Argentina a very important space of attraction and investment by our company, certainly, but also by other national and international companies.

• “Argentina can become a producer of one and a half million barrels a day in six or seven years. This is possible, feasible. Even the development of Liquefied Natural Gas (LNG) would be feasible if the macroeconomic variables were controlled: inflation, level of risk and the openness of the exchange rate: this is essential. We have a lot of hope in the new president. “Perhaps we are facing the beginning of a new cycle for the country.”.