After you learn that the government is blocking gas subsidies in the Vaca Muerta region, Tecpetrol, the oil company of Techint Group, has sent a statement to the National Securities Commission – this is for the issuance of contractual obligations – in which he emphasizes his position, demands a debt of $ 5,655 million for 2018 and threatens to revise his investment plan.
"As stated in the National Securities Commission, the company and its legal advisers have not found legal support for the criterion currently being adopted by the Energy Secretary's Secretariat and therefore expresses the reservation of its rights and analyzes the steps to be followed"says" relevant fact "sent by CNV.
It further adds that "this change in the criteria negatively affects the flow of the Company's funds so that without prejudice to the above reserve, the Board of Directors of the Company has been entrusted by the Company's General Management to review the conditions of a properly approved development plan for the Fortin de Piedra area in order to re-adjust the flow of funds to the new scenario and improve its financial performances ".
At the beginning of the letter the company of the group that command Paolo Rocca – In addition, it deals with the notebooks – describes how the Energy Secretariat changed the calculation of the payments of the "economic compensation set out in Resolution 46/2017 on the development of Vaca Muerta and imposed a limit on the production volumes originally estimated by that company in its August 2017 presentation and not according to the total area production as originally planned"
The company emphasizes this change "means by September 2018 a lower payment of $ 1,994 million, and if maintained for the full year of 2018, the overall impact of the year would be $ 5,655 million",
In addition, Tecpetrol claims to have invested $ 2,300 million, who has already been executed $ 1.8 billion in 18 months, in its gas area Fortín de Piedra Production of "reached production in December 2018 17.5 million M3 / day of natural gas, more than 12% of the country's total consumption ".
As published today Infobae, because the government has a diametrically different position. They confirm that the resolved 46 resolution dictated by the former minister Juan José Aranguren in March 2017 is still valid and the letter is clear when it is stated that the subsidy will be paid
"It is very clear that companies have promised to invest and that it has to do, which is agreed that there are subsidies that apply the prescribed production curve." they say and admit that "there may be different interpretations and some legal conflicts, especially with societies."
Referred to Techint. Now comes Rocca's answer. State to face and to court with the main economic group of the country? This story will continue.