De Vido looks to keep local crude at US$28.5/b
Bnamericas Published: Wednesday, May 28, 2003
Argentina's new planning minister Julio de Vido will try to convince oil producers to keep the local crude price at US$28.5/b by extending an agreement that expires May 31, local media Infobae reported. "We need to sit down and talk," de Vido said, adding that the government's objective is to avoid fuel price increases. The original three-month agreement was designed to protect consumers from fuel prices increases in the first quarter caused by high international crude prices. The agreement was scheduled to expire on March 31, but was extended to May 31 to allow oil producers to recoup some of the US$80mn they are owed by the country's refiners. Producers want compensation for the January-March period during which they were selling crude to refiners at US$28.5/b, instead of exporting the crude at international prices, which reached US$35/b. As for the gas and electricity rates issue, de Vido is sticking to his position that rates increases should be linked to contract renegotiations with private companies, and they should not be increased quickly through an emergency decree as finance minister Roberto Lavagna proposes. The commission will "keep functioning under the mandate of the planning and economy ministers and the changes that it decides will be subject to a final decision by the President [Nestor Kirchner]," de Vido said, local newspaper Clarin reported. Before Kirchner took office on Monday, Lavagna was in charge of the commission and was responsible for deciding on rates increases. However, Lavagna did not increase rates since they were frozen in January 2002, and Kirchner is now looking to de Vido to find a way out of the crisis. De Vido is Kirchner's close personal friend and ex-governor of Kirchner's home province of Santa Cruz. Meanwhile, Kirchner has appointed another former Santa Cruz colleague, Daniel Cameron, as his new energy secretary. Cameron is energy advisor to the Santa Cruz province government and president of the Federal Organization of Hydrocarbon Producing Provinces.
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