Argentina presents $1.6-bln payment plan

BUENOS AIRES, April 4, 2018 – The Argentinian government will pay down outstanding arrears to gas producers in 30 monthly installments starting on January 1, 2019, the Ministry of Energy announced on Tuesday.

The government owes a total of USD 1.6 billion in back payments under the 2017 gas subsidy programme, which was intended to incentivise increased gas output. A resolution for the payment scheme was published in Argentina’s official gazette, bringing the government closer to squaring up with gas producers.

State-owned YPF is owed USD 792 million, followed by Pan American Energy, which is owed USD 163 million. Other operators expected to receive payments include Total, Wintershall and Pampa Energía.

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