Argentina Offers Its Oil Industry A Favorable Forex Rate Ahead Of Elections ...Middle East

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Argentina Offers Its Oil Industry A Favorable Forex Rate Ahead Of Elections
source : OILPRICE ( Middle East ) () 47
Argentina’s government has offered its oil industry a preferential foreign exchange rate a month ahead of the next presidential elections in a bid to get it on its side. Called the CCL rate, it would give Argentine oil companies the opportunity to exchange 25% of the value of their oil and gas at 763 pesos per U.S. dollar, Reuters reports. The official rate for the local currency to the greenback is around 350 pesos per dollar. "We made the decision to recognize 25% of what (energy companies) export and bring to Argentina to invest using…

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