yesterday the Government told oil companies that will not expand subsidies to the production of gas in Vaca Muerta, establish new amounts, and excluded from this benefit to new entrepreneurship s in this field, within the framework of the fiscal adjustment. As it transpired, the decision would allow a saving of around 500 million dollars and responds to the need to eliminate costs and meet tax guidelines committed to the Internacional.El Monetary Fund Secretary of Government for energy, Gustavo Lopetegui, had reported yesterday that decision at a meeting with businessmen from the oil sector in which discussed the scope of the program to stimulate investment in development of production of natural gas coming from cow Muerta.Techint: bajan subsidies, lower investment today company Tecpetrol, the Techint Group and main investor in the site, announced that it would review its investment plan. That said in a statement that sent the Commission Nacional de Valores (CNV) which claims a debt to the Government amounting to $5.655 million by 2018.
Techint (for notebooks) q according to their directors, you were afraid of “power”, now threatens to sue the State if they removed subsidies. -Hernan E Arbizu (@hernanea) January 31, 2019 statement indicates that “cannot find legal support to the criteria currently adopted by the Government Secretariat of energy, making express reservation of their rights, and is currently analyzing the courses of action to follow”. The company warned that it will review “the terms of the stone fort area Development Plan duly approved, in order to readjust the flow of funds to the new stage and improve its financial indicators”, admitting that will review its investment in the site Neuquén. Resolution 46 and the beginning of the problems resolution 46 was dictated in 2017 by the former Minister of energy, Aranguren. It sought to stimulate production by establishing the benefit of the payment of US $7 per million BTU (unit of measurement of gas), one amount greater than the market, US $4. This price, near double, gave a very profitable business for Techint Group that was configured as the main investor. What would change now isn’t the price paid but the amount on which this allowance is computed. From Techint, they say that you must pay it on the total produced, and since the Government launched to pay on previous data from production companies estimated in 2017 (not with current levels of extraction, which obviously and why the problem, are higher).
Energy Secretary also told oil businessmen will not be incorporated additional projects to those already approved, which are enrolled for the benefit, and on the registration will pay subsidies. Tecpetrol alleges that the change in official policy “implies a reduced payment of $1.994 billion until September 2018 and, if it is maintained for all 2018, the total impact of the year would be $5.655 billion” that claim their Bill.
