Over the course of 2021, YPF will invest $2.7 billion in all its activities, more than $1.1 billion more than it spent last year, which was marked by the COVID-19 pandemic.The investment is possible thanks to the agreement the firm reached over the weekend to restructure part of its debt, allowing it to focus its efforts on increasing oil and gas production, especially in the Vaca Muerta formation.
According to information accessed by Ámbito, Argentina received more than $7 billion in investments in the last seven months. In July the country received $202.9 million, $676.4 million in August, $520 million in September, $1.38 billion in October, $3.98 billion in November, $56.1 million in December, $172.5 million in January and $120 million so far in February.
Appliance manufacturer Whirlpool announced a $40 million investment to develop a new washing machine plant, the most modern in the region, with which it aims to become the first white goods exporting company in Argentina. Two thirds of the production will be destined to supply the Latin American market. The plan will be implemented over a period of 18 to 24 months and will involve the creation of 1,000 jobs.
Spanish energy group Naturgy closed 2020 with losses of about $420 million. The group's Argentinean subsidiary is the second largest gas distributor in the country, where it recorded losses of some $238 million, a figure that is not yet definitive, as the balance sheet of the operation in the country has yet to be finalised. Naturgy said it is reviewing all its investments in Latin America and that its priority will now be renewable energy in the United States and Australia.
LATAM is officially closing down its Argentinian branch, LAN Argentina, after 15 years of operations. The airline had already stopped flying last year due to the uncertainty of the Argentinian landscape. The Argentinian government kept one of the most rigid travel restrictions globally, leaving the Argentinian airline industry struggling, with a 99% decline in passengers for half of the year.