Energy Overview

Relevant political, legal and business-related events took place in the energy sector in Argentina during 2004.

Introduction

2004 will not be an ordinary year for Argentina from an energy standpoint due to certain political matters that resulted in major surgeries within the oil & gas sector. The final resolution of the long-discussed Stamp Tax issue over offer letters, the new regime for assessment and payment of royalties or the creation of the state-owned Energía Argentina Sociedad Anónima -Enarsa-, along with the current energy crisis, and the different consequences of all these factors modified the energy map and applicable legal frameworks.

POLITICAL ISSUES

Stamp Tax, Final Defeat Of The Uncertainty

From a political standpoint, maybe the most relevant fact was the final resolution of the issue dealing with the gravability with Stamp Tax of the agreements for consideration entered into through offer letters accepted by performance. Although considered a remarkable defeat for the provincial governments, it was somehow compensated with the new regime for the assessment an...

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