President Alberto Fernández and his minister Martín Guzmán announced on Tuesday the availability of dollars for oil companies that increase their production.

This is a metric companies have long demanded, whose CEO heard the announcement in the front row. And his reaction was immediate.

Paolo Rocca, head of the Techint group, which operates the sector with Tecpetrolwas one of those who participated in the meeting at Casa Rosada.

“Very positive for Argentina. accept responsibility for export“said the businessman, whose oil company has a strong presence in the Vaca Muerta megafield.

“Any import substitution project is very important and create lasting conditions“, added the CEO of Techint at the end of the action.

In addition to Rocca, the event was attended by Pablo González (president of YPF), Hugo Eurnekian (CGC), Daniel Funes de Rioja (UIA) and José Luis Manzano.

How to benefit

According to Economy, oil companies are increasing their production (20% in the case of crude and 30% in the case of gas), with respect to 2021 will have the right to access the Free Exchange Market, for a equivalent value in that incremental production, “appreciated in export price net of corresponding rights and premiums “.

Foreign currency access can be reserved for payment of principal and interest on liabilities commercial or financial transactions abroad, including liabilities to non -resident related companies, and/or income and dividendsako repatriation of investment directly non -resident, Economic explanation.

This right can be moved fully or partially to the beneficiary’s direct suppliers for the same purposes available to the operator.

By default, incremental production (injection) of oil (natural gas) is defined as the difference between the effective production of the last 12 months and the Baseline defined as the volume earned by each company in 2021.

Besides, additional percentages are available for the scope of the domestic market, the return of technical decline, incremental production in low productivity wellsthe acquisition of local businesses of specialized services and investments

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