This is not an intervention; we demand investment, production plans' said Planning Minister Julio De Vido

Planning Minister Julio de De Vido denied that the Government plans to “intervene” the energy sector and clarified that “we demand investment and production plans. This is not an intervention, but more planning.”

De Vido added that the reference cost of fuels "will be defined within the framework of the economy in general, because it affects the cost of goods," and said that energy production is a matter of national interest.

Deputy Economy Minister Axel Kicillof, who masterminded the nationalization of leading oil company YPF, will oversee an energy investment plan that tightens control over private companies, the government said yesterday.

Oil companies operating in Argentina will have to present an annual investment plan, and they could face fines or other sanctions, such as the withdrawal of concessions, if they fail to comply, a decree in the Official Gazette showed.