The Minister of Economy resolved 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 Economy, in charge of Luis Caputo, reauthorized a financial operation within the framework of the Gas.Ar Plan. The operation enables the purchase of bonds from the Central Bank (BCRA) to then deliver them to the companies that joined the program as part of their payment.
In this way, the operation ensures that the Government meets its financial commitments to the companies that participate in the plan. The standard was published in the Official Gazette under Joint Resolution 62/2024 of the Treasury Palace and the Ministry of Finance.
It should be remembered that, in principle, the term of the program was until 2024. However, through previous modifications in decrees, the term was extended until December 31, 2028, with some exceptions, such as producers who included “Costa Afuera” (offshore) in the Austral Basin.
Compensation owed to companies that adhered to a cancellation proposal will be paid with Bonds of the Argentine Republic in US Dollars Step Up 2038 (BONS USD 2038 LA – AE38). The resolution details the conditions and price at which these bonds will be acquired from the BCRA, and then delivered to the producers.
The total amount of the purchase is $129,747,072, which will be settled on November 14, 2024. The official text reminds thatThe payment to the BCRA will be in pesos, with settlement the next day (November 14, 2024).
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. It should be remembered that at the end of October, Caputo authorized a similar operation for $2,481 million.
Source: Ambito
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