According to a recent statement by Energy Minister, Juan Jose Aranguren, Argentina aims to stop importing light crude this year and improve domestic refining operations as it moves further down the road toward energy self-sufficiency. Operators working in Argentina will continue to export oil, mostly Escalante heavy crude, he told reporters on the sidelines of an industry conference in Houston. But more refining of domestic light crudes and larger and more regular gas supplies from Bolivia would help the South American country cut imports of costly liquified natural gas (LNG), gasoil and crude.
The Argentine government is in talks with local refineries, encouraging them to buy more domestic light crude and import less, after a 200,000-barrel cargo of a rare light crude was exported last month to drain inventories that were not bought by state-run oil firm YPF.
Argentina will hold a tender this week for 1,000 megawatts of renewable energy, part of the plan to install 10,000 megawatts of new cleaner power capacity by 2025, said Aranguren. He expects investment of some $2.1 billion for the first phase.