Argentina will give tax and customs benefits to oil companies

Argentina will give tax and customs benefits to oil companies

Argentine Economy Minister Sergio Massa said Thursday that the country will give tax and customs benefits to oil companies so they can increase their production.

The Government seeks to increase investments in Vaca Muerta, the second largest shale gas reserve in the world and the fourth largest oil reserve, to reverse an energy deficit that affects public finances.

“We put in place a system in which each project will also have a regime of tax and customs benefits,” Massa said in a speech before businessmen from the sector in Neuquén, where the non-conventional training is located.

“The Vaca Muerta green channel is born today, which will allow everything that is equipment, machinery, infrastructure, which allows us to speed up the entire process of importing products, to have a particular and developed job with Customs,” he added.

The minister, who took office at the beginning of the month, said that he is advancing in the regulation of a decree that will allow companies in the sector to have free access to international currencies if they increase their production.

On the other hand, he pointed out that the decree will also establish the uninterruptibility of export contracts to provide greater certainty.

Samuel Edwards
Samuel Edwards is the name you must have heard many times while reading reports related to Finance, that's what he is good at. From Major Investments to Stock Market Updates, he got 'em all. Be ready to blow your mind by the mind-blowing reports of Finance World from Samuel Edwards.