The Vaca Muerta project has shown that it can work, at least partially, with international oil prices on the order of $60 a barrel (yesterday, the Brent closed at $42.72). Now that it has fallen from that value, most of the wells have been closed. The same happens in the case of gas which, with current international values, does not work, is not competitive. The refineries should temporarily fix their refining margins according to similar values in force in the world, and the oil provinces should channel their budget balance requirements through the National Budget and not through the mechanism of the Creole barrel.
Argentina decided to suspend exports of lemons to the European Union for the rest of 2020 due to the appearance of a disease called black spot, which affects citrus fruits. Argentina is the leading supplier of fresh lemons to the European Union. In 2019, 126,863 tons exported to the EU, 54% of total exports to the world. Argentina’s share of the European market is around 25% of the total. To date, approximately 100,000 tons of Argentine lemons have already entered the European Union for $90 million. This fact will have a strong negative impact on producers and exporters, as well as on Argentina due to the foreign exchange earnings it will no longer receive.
The conflict unleashed by the United Maritime Workers Union (SOMU) with a general strike and the blockade of the processing plants of Puerto Madryn, Puerto Deseado and Caleta Olivia, put at risk the shrimp fishing season, which would mean the bankruptcy of fishing companies and the loss for the country of some 500 million dollars due to the impossibility of exporting the shrimp.
Patents in these first days are falling 16% compared to June, which projects a market for this month of 30,000 units or less against 37,000 registered the previous month. The sharp contrast explained by the lack of vehicles. Obstacles to imports, and long period plants closed due to the pandemic, generated a shortage of models.
The Government’s project to reactivate internal tourism in the post-pandemic period proposes: compensate with a bonus of 50% of the value, the purchase of tourist packages in 2020, to be executed in 2021. The initiative will have a public expenditure of 16.5 billion pesos ($232.5mn).
Y-TEC, YPF’s technology company, yesterday presented a platform called Consortium for the Development of the Hydrogen Economy in Argentina (H2ar), which seeks to create a collaborative workspace among firms in the hydrogen value chain. Representatives of more than 40 interested companies participated in the virtual meeting. The consortium will allow the partner companies to have “access to frontier information, promote the generation of their technical capacities and make it possible to create innovative businesses.
The export of Argentine corn has had an excellent campaign that has surpassed for the first time the soybean with 50 million tons of production. To date, shipments accumulate 16.3 million tonnes, representing an increase of 11% over the same period last year. Producers have already sold 56.5% of production 2019/20, and the new season has sold 2.4 million tonnes. Corn yesterday traded at $130 in the local market, a value that maintains from mid last week and is the best price since mid-last April.
In a month in which less than 40% of the factories were able to operate normally, the industry fell 26.4% year-on-year as reported on Tuesday by the INDEC through its Industrial Production Index (IPI). The most critical falls were: in the sector of primary metal industries (-54.8%), the automotive (-73.8%) and clothing, leather and footwear (-67.9%).
Producers in Neuquen, the most productive oil province in Argentina, ramped up exports to 850,000 barrels in June, with some coming from the giant Vaca Muerta shale play, the provincial government said. The exports accounted for 19% of the 150,000 b/d of output in the southwestern province that month, said Governor Omar Gutierrez. Of the exports, 60% went to the US, 30% to the Bahamas and the rest to Belgium and the Netherlands.
For the first time in history, a cargo of lemons has been exported from Argentina to China, said APM Terminals. A container with 24 tons of lemons, produced in Tucumán, was shipped on the Maersk Labrea from APM Terminals Buenos Aires in Argentina to the Port of Hong Kong, on June 30, 2020. This was made possible due to the agreement and adherence to phytosanitary requirements by both countries.