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Monday, February 6, 2023

The Government renewed the Trust for the Promotion of the Oil Sector

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as i had anticipated Ambit, The Government was analyzing renewing the oil and wheat trusts with schemes similar to the programs in force previously. In the case of oil would be financed with contributions from exporters which will be around US$200 million. In this way, they will subsidize the ex-factory price of the 900-milliliter and 1.5-liter bottles of soybeans, corn, and sunflower that consumers find on the shelves. In return, the sector takes the Government’s commitment not to intervene with restrictions in the export market.

under the Program Announced this Wednesday, the payment of compensation is provided for those who sell “edible refined soybean, sunflower and/or their mixtures oils, destined for the domestic market for final and family consumption in containers of up to three liters, which on the effective date of this measure have adhered to the Aceitero Trust Fund Trust as Beneficiaries” between December 1, 2022 and January 31, 2023 inclusive.

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The trust will be in force until December 31, 2023 and the funds will originate from the Export Increase Program, known as the soybean dollar.

“To this effect, the Trustee must prove the insufficiency of the Trust Assets within the framework of the provisions of this Article”, adds Resolution 30/2023 published in the Official Gazette.

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The beneficiaries will be the people who carry out “bulk oil processing in Products Subject to Compensation for its supply in the internal market with final destination to the final consumer”.

The Secretary of Commerce may dictate the rules of operation of the program necessary for its application.

Between the arguments used by the Ministry of Economy to justify the measure, highlights “the general price increase in a complex social economic context such as the one that Argentina and the world in general are going through, especially affects the general well-being of the population, an extreme that requires urgent decision making that establish frameworks of rationality and stabilityand that allow us to resume a path of economic recovery and establish the bases for sustainable growth”.

Source: Ambito

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