Guzmán: "We are going to modify certain capital regulations to favor energy investment"

General 01 de mayo de 2022 Por Adrián Giannetti
The minister emphasized that "to truly transform the situation in the energy sector, it must be facilitated by foreign direct investment flows." "We must normalize the defensive policies that were adopted to deal with the 2019 exchange run," he said.
Martín Guzmán AIE 2

Economy Minister Martín Guzmán was the final speaker of the Energy Transition event organized on Wednesday in Neuquén. In a virtual interview with the Executive Director of Idea, Daniel González, the official referred to the possibilities and challenges offered to Argentina an international scenario marked by the upward trend of prices, the crisis of gas availability and the gas availability and the Invasion from Russia to Ukraine, among other variables.

According to the Minister of Economy, with the changes that have been registered in recent times, a new global map is being designed. “There is a new way of looking at our country, as evidenced in all the meetings we had last week in the G-20, in Washington DC. In the energy sector, in particular, we are presented with a historical opportunity to accelerate development, ”he said.

From his perspective, if Argentina took advantage of its energy riches, it could significantly lower its productive costs and raise its levels of competitiveness, which in turn would be transformational from the economic. “Historically, the great restriction for the growth of our economy has been the availability of currencies. Accelerating the development of the energy sector would mean having a much stronger currency generating profile and would contribute to ordering our fiscal situation, ”he said.

Four premises

The Government, Guzmán said, is promoting the conditions for investments to grow from four major premises. “One of our pillars goes through macroeconomic stability and the solution of financial problems. In that sense, energy is a thematic axis that is occupying an increasingly prominent space on our agenda, ”he said.

Another priority, he added, has to do with the expansion of available infrastructure capacity. “The most visible and most strategic entrepreneurship for the next years is the Néstor Kirchner gas pipeline, which will allow us that the gas is a tradable good and that the production of Vaca Muerta expands substantially. There is also a comprehensive project to improve the network of gas pipelines, pipelines and electrical distribution, ”he anticipated.

In third instance, the minister highlighted the need to respect the rules of the game at the sector level. “To truly transform the situation, you have to facilitate direct foreign investment flows. We must normalize the defensive policies that were adopted to deal with the exchange run of 2019. Today we are at another stage and we have to take steps towards the normalization of the measures, ”he argued.

In fact, he explained, understandings are being articulated with the Central Bank and energy companies to define regulatory changes depending on the current world situation that will be announced in the next few days. "We are going to modify certain capital regulations for energy," he anticipated.

Finally, he added, geopolitical construction will be vital to facilitate exports from an intelligent analysis of the current context. "We have been promoting the integration of our energy system with Brazil and doing a very important job with the rest of the world, particularly with Europe," he completed.

Resilience

The idea, he pointed out, is to consolidate a state with more resilience and less indebted, in addition to having a stronger currency. "Within that framework of greater energy development, lower production costs and larger productive scale, the subsidies associated with energy consumption could also be cut," he said.

Argentina stressed, is in a position to assume a decisive role in the energy transition to which the planet is directed. “We have great potential for generation and export of liquefied natural gas (LNG). This item would allow us to transform the resources of provinces such as Neuquén into the currencies that we need so much, ”he emphasized.

Accessed the process of standardization of energy prices after the debt with the International Monetary Fund (IMF), the head of the Palace of Finance said that the primary objective is to favor investments. “All we have been doing is for significant investment scaling. In the energy sector we do not limit ourselves to promoting the development of private capitals, both local and international, but we also trust YPF investment leadership, ”he said.

Phenomenal impact

With respect to the so -called ‘unexpected income tax’, Guzmán explained that it is a mechanism to prevent the shock generated by the Ukraine War in Argentina to be regressive and imply a setback in social development. “For society to work better we have to register a growth that is shared, with greater equity. That is essential for an environment that gives rise to a more thriving nation with greater well -being, ”he said.

The war, he explained, hit the prices of certain items without sufficient reaction, while others have had an unexpected income that was not the product of an additional investment. “You have to separate the issues. We seek to build -colelectively and from a deep dialogue- a solution to the problem of distributive shock that the world lives, not only Argentina. In any way this initiative discourages investment. On the contrary, if there is a reinvestment of the unexpected income associated with war, the contribution would be lower, ”he justified.

Finally, Guzmán insisted on the relevance that the public and private sectors work together to favor the production and export of LNG. “We must guarantee both the constitution of the supply and the demand of the appeal. We are in conversations with a set of interested countries. To do this, we will require stable game rules over time with the support of the different political forces. We talk about a potential investment of more than 10,000 million dollars for the next few years. We plan to exceed US $ 15,000 million from 2025, which would have a phenomenal impact on our growth, ”he concluded.

Econojournal

Adrián Giannetti

All the news about what happens in the unconventional reservoir of Vaca Muerta, Neuquén, Argentina.

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