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Argentina’s YPF to invest more than US$300 million in Santa Cruz province

RIO DE JANEIRO, BRAZIL – Argentine state oil company YPF said on Thursday, March 18th, it will invest more than US$300 million in the Patagonian province of Santa Cruz as part of a US$2.7 billion annual investment program announced last week.

Argentina's YPF. (Photo internet reproduction)
Argentina’s YPF. (Photo internet reproduction)

YPF is at the heart of Argentina’s efforts to reduce its annual energy deficit and become a net oil exporter. “We are presenting an investment plan and working to put more resources at the service of production,” company president Pablo Gonzalez said in a statement.

YPF’s investment plan for this year is a 73% increase on last year, when the company was hit hard by falling oil prices sparked by lower demand amid the coronavirus pandemic.

The company carried out a multi-billion-dollar bond restructuring earlier this year.

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