Decree finalized to make access to oil companies more flexible to dollars

The government is about to publish a decree that will make access to dollars more flexible for oil companies, with the aim of scaling production in a sector that the economic team considers key to the national macroeconomy. Officials from the Ministry of Economy, headed by Martín Guzmán, and the Ministry of Energy, led by Darío Martínez, met on Friday with the ten main oil companies operating in the country to confirm that the decree will come out shortly and that it plans to create a special exchange rate regime to promote investment in oil and gas.

In this way, access to dollars will be allowed for producers who increase their supply of oil and gas. In this sense, on Saturday there was a second meeting with the authorities of oil provinces that make up the Federal Organization of Hydrocarbon Producing States (Ofephi) and the main unions of the sector, where the initiative was also addressed. The text shall establish a baseline from which the increase in production shall be measured. It could be the cumulative production of 2021, but also of the last 12 months, from April 2021 to March 2022, according to the Econojournal site. It remains to define the percentage of the oil incremental on which the currencies will be freely accessible.
This easing of the exchange rate trap seeks to encourage investments with new income of dollars from abroad, especially from multinationals, and that the capital applied to production is not limited to the flow of existing businesses in the country.
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Original source in Spanish