LatinNews Daily - 25 November 2022

* Brazil and Argentina have signed a memorandum to extend until 2025 an energy exchange agreement that was about to expire. The deal provides for the exchange of natural gas and electric power between the two countries and, from now on, will be automatically renewed every four years and will allow the payments for the traded energy to be made through a bilateral local currency system. The deal will ensure Argentina’s ability to buy electricity from Brazil during the winter, reducing its imports of liquid fuel. Brazil and Argentina are also negotiating a Brazilian investment for the building of a pipeline to serve Argentina's Vaca Muerta shale gas reserves in Patagonia (the second largest in the world). Additionally, Brazil agreed to make improvements in the Garabí converter stations which ensure the electricity connection between the two countries. “Energy integration is now a reality,” said Argentina’s President Alberto Fernández after the memorandum was signed.

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