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Thursday, December 8, 2022

Delays in a bill to produce hydrogen delay investments

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In November of the previous year, Kulfas had announced that heThe Australian company Fortescue was going to invest US$8.4 billion for the production of green hydrogen in Río Negro. “It will be the most important international private investment of the century,” he had assured in Scotland during the annual conference held by the United Nations on climate change.

After the departure of the Government, first of Kulfas and then of the former Minister of Economy, Martín Guzmán, the hydrogen bill passed into the hands of the Secretary of Energy, in charge of Flavia Royón. At the beginning of November, Massa assured that the initiative will grant stability for 30 years to hydrogen investments, to position the country as a global player in the transition and energy security. In addition to investments, he affirmed that it seeks to change the productive matrix of the provinces. In fact, two provinces have closed million-dollar deals: Fortescue will work in Río Negro, while MMEX Resources and Siemens will work in Tierra del Fuego.

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“Next week the Executive Power will send it to Congress,” the minister had stated last Friday, November 4, during an act in Bariloche. From Economy they assured that “Massa is rushing it”, and that the interest is that it enter during this month, that is, before Wednesday of next week, through the Chamber of Deputies, chaired by Cecilia Moreau, someone from his confidence. They are betting that it will have a consensus with the opposition, as had other long-term projects that were discussed in these years, to promote cannabis or biotechnology. For this reason, they assure that Royón works “against the clock”.

When asked about the delays in the project, Economy sources affirmed that several areas within the Government are involved, making different modifications to it. The official objective is “to provide fiscal stability for the development of projects, and promote the sector with national development,” they stated.

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However, in addition to the Ministry of Energy, other areas within the Government are involved in the project. Sources from Casa Rosada affirmed that it is likely that he will not appear in the coming days. It is a complex project, where rules have to be signed that will be maintained for 30 years, in a sector, such as hydrogen, which is still very incipient worldwide. The debates range from tax issues to how to make it a sector that, in addition to exporting green hydrogen, also develops the industry associated with that chain. The period of ordinary sessions of Congress was extended until December 31, but the deadline to issue an opinion on a law is December 21, ten days before the end of the period, and if not, it will be necessary to wait for the next ordinary period .

There are many sectors interested in this new economic sector, from the national government, the provinces, the private sector and even public companies such as Y-TEC, which even formed a Consortium for the Development of the Hydrogen Economy, made up of national and foreign companies. of weight, such as Techint, Toyota, Siemens, Cargill, YPF, among others. Last week there were two key meetings, which brought together the public and private sectors: one in Casa Rosada and another in Congress.

As far as he could find out Ambit, for the Fortescue company, which is the one that plans to make the million-dollar investment, “the regulatory framework will be vital for the instance of the final investment decision.” In any case, the works and studies of the pre-feasibility stage “will continue their course beyond the entry and progress of the law in Congress.” After the announcement, made a year ago between Kulfas and Agustín Pichot, the company’s president for Latin America, the company is in the pre-feasibility stage, with studies that last several months, such as wind measurement, environmental impact assessment , electrical, topographic and hydrological studies. Also, they advanced in the link with the local community to achieve long-term social license.

Source: Ambito

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