The minister decided to buy bonds in dollars from the BCRA to settle debts accumulated with companies in the Gas.Ar Plan. The objective of the measure, the official text mentions, is to guarantee compensation to the supply producers that participated in the program.
The Ministry of Treasury and Finance, under the orbit of the Minister of Economy, Luis Andrés Caputo, authorized a financial operation related to the Gas.Ar Plan, a program to promote the production of natural gas in the national territory.
Joint Resolution 60/2024 published this Wednesday in the Official Gazette established the purchase of bonds in US dollars (USD 2038 BONDS – AE38) by the Central Bank of the Argentine Republic (BCRA) to settle compensations owed to the gas producing companies that participated in said program. The acquired securities will be delivered to said companies as part of a payment scheme for debts accumulated within the framework of the Plan Gas.Ar.
In addition, the resolution authorizes different officials to manage the necessary procedures to complete this transaction and specifies that the measure comes into effect upon its official publication.
What is the Gas.Ar Plan?
The Gas.Ar Plan is an initiative aimed at promote natural gas production in the country. Through this scheme, economic incentives are offered to gas producing companies to increase extraction and thus reduce dependence on imports of this fuel.
The detail of the standard
The official text maintains that bonds “BONDS OF THE ARGENTINE REPUBLIC IN US DOLLARS STEP UP 2038” (AE38) are purchased for an original nominal value of US$ 3,510,425. He adds that the agreed price for the purchase is $70,680 for every US$100 of nominal value of the bonus.
Trayén Vaca Muerta Compressor Plant Gas Pipeline
Enarsa SA
This operation is equivalent to a total effective value of $2,481,168,390 (pesos two billion four hundred and eighty-one million one hundred and sixty-eight thousand three hundred and ninety) that will be paid to the BCRA with a settlement date of October 29, 2024.
Finally, remember that the bonds acquired will be allocated to the companies participating in the Gas.Ar Plan that adhered to the debt cancellation proposal. “The delivery of these titles will allow the amounts owed under the provisional payment and program adjustment scheme to be offset,” he concludes.
Source: Ambito
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