Shell to invest US$300mn/y in Argentina through 2020

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Friday, September 30, 2016

Royal Dutch Shell will invest US$300mn/y in upstream and downstream activity in Argentina through 2020, Argentine President Mauricio Macri announced.

The Anglo-Dutch supermajor's upstream assets in Argentina include the Cruz de Lorena and Sierras Blancas blocks targeting the Vaca Muerta shale formation.

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Macri revealed the news after meeting in Buenos Aires with Shell CEO Ben Van Beurden, state news service Télam reported.

The announcement follows news that Shell plans to place its downstream business in the country under strategic review.

BP and Dow Chemical have also cited plans to ramp up investment in the country, in the wake of pro-business reforms under Macri.

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