A plenary of Lower House committees was debating this afternoon Argentina’s new Hydrocarbons Law that got a first Senate approval earlier this month.
Federal Planning Minister Julio de Vido assured the new law will result in “new benefits for the provinces involved” and at the same time will tighten regulation over concessionary businesses.
Exploitation periods will be shortened, and permits will be divided into conventional and non-conventional, among other measures.
“This project is a fundamental tool that will allow us to consolidate the process initiated in May 2004,” De Vido said referring to the presidency of late Néstor Kirchner.
Meanwhile, Legal and Technical Secretary Carlos Zannini said the hydrocarbons law would serve to “accompany” the country’s growth, providing enough energy to keep up with production levels.
“Instead of having to buy fuel abroad, the state will be able to extract it from its own soil, producing new job sources,” he said.
The committees of Constitutional Affairs, Energy and Budget gathered at around 1 pm today with Federal Planning Minister Julio De Vido, Energy Secretary Mariana Matranga, Legal and Technical Secretary to the Presidency Carlos Zannini and YPF’s Director Miguel Galuccio attending the meeting.
The ruling Victory Front hopes to debate the bill on the floor on October 29 and have it passed with the votes of its own MPs with the opposition already announcing it will reject the project.
buenosairesherald.com