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  4. Dollar-strapped Argentina announces incentives for oil and gas industry
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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...
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Dollar-strapped Argentina announces incentives for oil and gas industry © Reuters. FILE PHOTO: A sand refinery is seen at Vaca Muerta shale oil and gas drilling, in the Patagonian province of Neuquen, Argentina January 21, 2019. REUTERS/Agustin Marcarian

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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01-05-2024 10:45:17 (UTC+7)

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 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
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 FTSE 1008,144.13Sell
 Hang Seng17,763.03↑ Sell
 Small Cap 20001,973.05↑ Sell
 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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