Category: Industry

Information about Argentina’s economic sectors

Biotech is rewriting Argentina’s startup DNA

Argentina is becoming a major player in biotechnology and a place primed for startups since the Biotechnolgy Law 2018. One well-established example of a success story is Rosario-based Bioceres which hit the New York Stock Exchange recently. Amongst the ten top are Caspr, Michroma, WeBio, Cell Farm, Alytix, Bitgenia, Beeflow, algaebio, Aplife, and MZP Tecnología.

YPF Luz clinches $150 million loans for wind farm in Santa Cruz

YPF Luz, a subsidiary of state oil company YPF, has received $100 million in credits from BNP Paribas Fortis and $50 million from the U.S. International Development Finance Corporation. Credits will be used for building the wind farm Cañadón León in the breezy southern steppes of Santa Cruz province, which is expected to generate 120 megawatts of power and create 400 jobs during its construction phase.

Central Bank begins fintech services regulation

Argentina’s central bank (BCRA) established that Payment Service Providers (PSP) or Fintech should deposit their clients’ funds in demand accounts in pesos in financial institutions of the country, and those funds should be available immediately upon request. Customers of these virtual wallets can also apply their funds to investments in common money funds.

Argentina pledges to continue Yaciretá expansion works

Argentina ratified its decision to continue the expansion of the Aña Cuá hydroelectric dam, during a meeting between the Energy Secretary, Sergio Lanziani and the executive director of the Yaciretá Binational Entity (EBY), the former President of Paraguay Nicanor Duarte Frutos. The contracts for this work were signed at the end of October with the German company Voith, which will allow a 9% expansion of Yaciretá’s electricity generation.

Industrial production contracted 4.5% in November

Argentina’s industrial output fell 4.5% in November versus the same month a year earlier, according to National Institute of Statistics and Census (Indec). In the first eleven months of the year, the indicator accumulated a decrease of 6.9%. The fall marked the 19th straight month of dwindling industrial output.

Argentina’s shale fracturing hit a record in 2019

A total of 6,425 hydraulic fractures were carried out last year in the Vaca Muerta formation, a 33% increase from 4,825 in 2018, according to data provided by NCS Multistage. State-controlled YPF carried out the largest number of fractures by a huge margin with 3,034 in 2019, a 54% increase from the previous year. The 2019 level is almost double than 2016.

Automotive production: the worst in 15 years

Automotive production fell 32.5% in 2019 compared to the previous year, according to the Automotive Factory Association (Adefa). With only 314,787 units that left factories, it was the worst year for this industry since 2004 when 299,205 vehicles were manufactured. Shipments abroad totaled 224,248 units, with a cut of 16.7% compared to 2018, and the worst figure since 2006 (218,543).