The constitutional reform was followed by a law (“Ley Corta”, /07) whereby provincial authority was extended to include the. EL DECRETO PE Nº , REGLAMENTACION DE LA LEY avasalla a la Provincias ya que la ley el Congreso transfirió funciones a las. Known as the Short Law, Law 26, effected the transfer. 22 J. Lapeña, ‘El Decreto PE No , Reglamentación de la Ley ‘ (undated) Revista del.
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Other provinces have followed suit: Under the new hydrocarbons law proposed by President Cristina Fernandez, the provincial oil and gas SOEs would no longer enjoy this gate-keeping privilege.
Overall, the new law seeks to replace the collage of provincial systems with a nation-wide arrangement that would prove attractive to investors and yield more control and revenue to the national government.
Key issues unresolved While the new legislative framework seeks to create more predictable conditions to attract foreign investment, many key issues will remain unresolved, lry domestic prices, export taxes, and repatriation of profits.
EL DECRETO PE Nº , REGLAMENTACION DE LA LEY
While this was seen as an about face by many domestic observers, both events are in line with the government’s objective of reaffirming the state’s role in energy policy and its own control over resources. The national government is also seeking to expand the role of YPF as an instrument of 261997 energy policy.
State-owned enterprises One of the consequences of the decentralisation 2617 energy regulation has been the creation of state-owned enterprises at the provincial level. The reform of the Constitution of recognised the property of subsoil hydrocarbon resources as belonging to the provinces where they are located Art.
Provincial governments are still subject to the relevant laws and international treaties passed by the national congress. These legal changes, however, did not cede legal jurisdiction to the provinces, which remains in the hands of the nation.
New hydrocarbons law in Argentina
Read the article online at: Edited by Callum O’Reilly. The expropriation ,ey the state’s share in the company, and the deal with Chevron, carried out via presidential decree, reasserted the national government’s authority on energy deals over that of the provincial governments.
Similar conditions are expected to be discussed for the development of all non-conventional deposits under the new Hydrocarbons Law.
Written by Sylvia Gaylord. This content is available to members only.
No money has yet exchanged hands, either in payment for the shares to the national government or in dividends to the provinces, but the let has effectively sealed the fates of the provincial and national governments on future oil deals.
The expropriation of Repsol’s share of YPF not only enlarged the state’s share of the company, but also changed the relationship between the provincial and national governments on energy matters.