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2017-04-12 18:35:00

ARGENTINA NEED INVESTMENT: $14 BLN

ARGENTINA NEED INVESTMENT: $14 BLN

REUTERS - Domestic and foreign companies likely will invest $14 billion in Argentina this year as firms open their pockets to make good on previously announced investments, the head of the government's investment promotion agency said on Tuesday.

President Mauricio Macri's government struggled to pull in the investment it promised in his first year in office but the head of his Investment and Trade Promotion Agency, Juan Procaccini, said in an interview that 2017 was looking better.

"The first year we had so many things to do in terms of ... becoming again a normal economy," Procaccini said. "Now, we're enjoying the fruits of that effort."

The agency, created shortly after Macri took office in late 2015, is working with companies on an additional $12.5 billion worth of investments in projects that have not yet been announced, he said.

Foreign investors stayed away from Argentina during much of the past decade due to former President Cristina Fernandez's populist policies and many are waiting to see if market friendly reforms Macri has proposed or passed remain in place.

Foreign direct investment (FDI) totaled just $5.7 billion in 2016 - down from $11.8 billion in the previous year - as the economy contracted 2.3 percent. The agency's goal is annual FDI of $20 billion to $25 billion, Procaccini said.

The 2016 dip was due in part to multinational companies repatriating their profits outside of Argentina after Macri lifted capital controls.

Specifically, a plan to boost wind and solar energy capacity in coming years was likely to bring in $13 billion in investment, Procaccini said. There also is potential for $30 billion in mining investments to help Argentina catch up to neighboring Chile, and efforts to cut labor costs will help attract investment in oil and gas.

The agency has identified $58.6 billion in investment announcements since Macri took office, many for projects that would take an average of four to five years, Procaccini said. About three-quarters of the investment expected this year would come from foreign companies.

Macri's diplomacy has helped attract investment from non-traditional sources, Procaccini said, noting that Japanese companies were looking for projects a year after leaders of the two countries had their first bilateral meeting in decades.

"They want to have the political framework aligned between the two countries," he said. "We will have very strong Japanese companies investing in Argentina for probably the first time ever."

Major Japanese trading companies were eyeing lucrative rail contracts.

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Earlier: 

NEW SAIPEM'S CONTRACTS: $430 MLN 

ARGENTINA & UK OIL 

EXXON & ARGENTINA INVESTMENT: $10 BLN 

RUSSIA BUYING UP AMERICA 

CHINA, ARGENTINA SHALE

 

 

Tags: ARGENTINA, INVESTMENT, ENERGY

Chronicle:

ARGENTINA NEED INVESTMENT: $14 BLN
2018, August, 17, 11:30:00

U.S. INDUSTRIAL PRODUCTION UP 0.1%

U.S. FRB - Industrial production edged up 0.1 percent in July after rising at an average pace of 0.5 percent over the previous five months. Manufacturing production increased 0.3 percent, the output of utilities moved down 0.5 percent, and, after posting five consecutive months of growth, the index for mining declined 0.3 percent. At 108.0 percent of its 2012 average, total industrial production was 4.2 percent higher in July than it was a year earlier. Capacity utilization for the industrial sector was unchanged in July at 78.1 percent, a rate that is 1.7 percentage points below its long-run (1972–2017) average.

ARGENTINA NEED INVESTMENT: $14 BLN
2018, August, 17, 11:25:00

NORWAY'S PETROLEUM PRODUCTION: 1.911 MBD

NPD - Preliminary production figures for July 2018 show an average daily production of 1 911 000 barrels of oil, NGL and condensate, which is an increase of 64 000 barrels per day compared to June.

ARGENTINA NEED INVESTMENT: $14 BLN
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GAZPROM NEFT NET PROFIT UP TO 49.6%

GAZPROM NEFT - For the first six months of 2018 Gazprom Neft achieved revenue** growth of 24.4% year-on-year, at one trillion, 137.7 billion rubles (RUB1,137,700,000,000). The Company achieved a 49.8% year-on-year increase in adjusted EBITDA, to RUB368.2 billion. This performance reflected positive market conditions for oil and oil products, production growth at the Company’s new projects, and effective management initiatives. Net profit attributable to Gazprom Neft PJSC shareholders grew 49.6% year on year, to RUB166.4 billion. Growth in the Company’s operating cash flow, as well as the completion of key infrastructure investments at new upstream projects, delivered positive free cash flow of RUB47.5 billion for 1H 2018.

ARGENTINA NEED INVESTMENT: $14 BLN
2018, August, 15, 11:10:00

OIL PRICE: NEAR $72

REUTERS - Front-month Brent crude oil futures LCOc1 were at $72.34 per barrel at 0648 GMT, down by 12 cents, or 0.2 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were down 23 cents, or 0.3 percent, at $66.81 per barrel.

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