The Economy Minister of Argentina, Sergio Massa, announced a new dollar exchange rate scheme for the oil sector, which will allow the companies to exchange 25% of their exports at a higher rate than the official one, in order to stimulate investment and production in the Vaca Muerta shale formation. teleSUR
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00:00 We begin with the news.
00:01 Argentina's government announced this Tuesday the creation of a preferential dollar exchange
00:05 rate for hydrocarbon exports from the Paca Muerta oil field.
00:09 The announcement was made by the Minister of Economy and Presidential Candidate Sergio
00:12 Massa, who explained that hydrocarbon companies will be able to liquidate 25 percent of their
00:17 exports at the blue-chip exchange rate, which on Tuesday closed at 778 Argentine pesos per
00:24 U.S. dollar.
00:25 The new scheme has a dual goal.
00:27 It gives a nod to the oil sector so that it can end the year with record investments,
00:32 while it is also a way of liquidating more foreign currency and avoiding a new run on
00:37 the pesos during the presidential elections.
00:40 The announcement was made during Massa's tour of the Paca Muerta North oil pipeline,
00:44 which will start operating in October and will allow a 50 percent raise in transportation
00:49 capacity in order to increase exports to Chile.
00:57 This morning we made the decision to recognize 25 percent of what is exported and brought
01:02 to Argentina to invest at CCL dollar value to increase the levels of investment in the
01:09 next 60 days in the oil and gas sector, which guarantees stability in jobs, which guarantees
01:16 that we continue with the works, and also guarantees stability in the financial system.
01:24 Paraguayan President Santiago Peña, who will assume the pro-temporary presidency of Mercosur,
01:29 ratified the ultimatum that his counterpart Lula da Silva, the current president of the
01:33 alliance, has given to the European Union.
01:36 The head of state believes that 25 years is enough time for the European bloc to agree
01:40 on whether or not it is interested in a pact with the Southern Coast.