The government formalized its control over oil

Buenos Aires, September 3, 2012
________________________________________________________

The national government formalized control over activity of oil through the approval of the Committee on Strategic Planning and Coordination of Hydrocarbon Investment National Plan.

This organism will depend on an Economic Policy and Development Planning representative from the Ministry of Economy, whose head is Axel Kicillof.

Meanwhile, Energy Secretary Daniel Cameron and Domestic Trade, Guillermo Moreno, are “members” of it.

The move was made formalized in the Official Gazette under resolution number 1/2012.

Thus, Kicillof shall have the power to require to the oil companies’ investment plans, as well as manage their earnings and regulate their stocks, their production and their dividends.