Dollar-strapped Argentina announces incentives for oil and gas industry By Reuters

4 Key Reasons US Treasury Market Selloff Is Likely to Continue in the Months Ahead

Dollar-strapped Argentina announces incentives for oil and gas industry

Published Aug 13, 2022 12:15PM ET Updated Aug 13, 2022 12:22PM ET

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Dollar-strapped Argentina announces incentives for oil and gas industry

BUENOS AIRES (Reuters) - Argentina announced late on Friday a package of tax and customs benefits for the oil and gas industry meant to attract dollars to the South American nation, which is battling crippling inflation and a low level of foreign currency reserves.

The measures had been announced on Thursday - and follow other incentives for the agribusiness and tourism sectors also meant to attract dollars - and were formalized on Friday by new Economy Minister Sergio Massa.

The measures will benefit only companies that invest a minimum of $50 million.

Argentine President Alberto Fernandez has long sought to attract new investments to the country's huge Vaca Muerta shale formation, one of the world’s most important for unconventional hydrocarbons.

Developing Vaca Muerta could make Argentina a net exporter of oil and gas, bringing in badly needed dollars into the economy.

Under Fernandez, the country has imposed rigid currency controls that have failed to abate inflation, expected to hit 90% this year.

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Comments (2)

Dave Jones Aug 13, 2022 3:51PM ET

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Argentina is doomed. Go back to gold and silver.

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Roger Miller Aug 13, 2022 2:37PM ET

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Good move by Argentina. It is interesting how western governments, like the US, will bailout countries like Argentina. Allowing Argentina to increase drilling, yet discourage it in their own countries, denying their own citizens of the wealth created.

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Brad Albright Aug 13, 2022 2:37PM ET

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You should read the just passed IRA bill, it would make you sound less uninformed.

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Dollar-strapped Argentina announces incentives for oil and gas industry

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