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Oil – Decree No. 1330/2015. “Petróleo Plus” Program rendered ineffective

By Amalia Saenz

On July 13, 2015, Decree No. 1330/2015 was published in the Argentine Official Gazette. Such Decree rendered the “Petróleo Plus” Program (the “Program”) ineffective.

The Decree under analysis repealed Resolution No. 2014/08, which had created the Program for oil exploration and exploitation for the purposes of encouraging the production and inclusion of oil reserves and fuel production.

In addition, Decree No. 1330/2015 provides that the incentives granted by the National State during the effective term of the Program, for which Tax Credit Certificates should have been issued, and which are still outstanding, shall be paid in the amounts and to the beneficiary companies determined by the Secretariat of Energy for such purposes.