LatinNews Daily - 25 May 2022

In brief: Argentina adapts foreign currency rules for hydrocarbon sector

* Argentina’s government led by President Alberto Fernández has announced the creation of a special foreign currency access regime for hydrocarbon-producing companies in a bid to reduce uncertainty, increase production and boost investment in the oil and gas sector. The new rules, which will be implemented via executive decree, will allow access to foreign currency on the foreign exchange market for companies that increase their oil and gas supply. The scheme aims to give companies access to special equipment that will allow them to increase production and permit an increase of foreign direct investment (FDI) in the sector. “We have everything that the world demands today in energy matters,” said Fernández at a press conference. “We are taking a significant step to give you, those who invest in hydrocarbon production, the necessary certainty to be able to move forward.” Economy Minister Martín Guzmán, Energy Secretary Darío Martínez, central bank (BCRA) president Miguel Ángel Pesce, and Productive Development Minister Matías Kulfas were also present at the press conference, which was attended by businesspeople, trade unionists, and governors of hydrocarbon-producing provinces.

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