Energy Argentina and the Bank of Investment and Foreign Trade (BICE) today signed the contract for the formation of the trust management and the Fund's financial Gas development Argentino (FONDESGAS), which will manage the goods that will be used for the construction of the Pipeline, as President Néstor Kirchner.
The signing of this document, which constitutes a fundamental step for the work, and was headed by Augustine Gerez, General Manager of Energy Argentina, and Rachel Kismer, vice-president, BICE. Also present were the Deputy General manager of the company, Gaston Leydet, and on the part of the bank, and the directors Carla Pitiot, Mary of the Angels Sacnun, Julian Maggio and the general manager Gabriel Vienni.
During the event, Gérez stressed that “we continue working to build the work of major historical significance for our country, contributing in this way to the sectors of residential, commercial and industrial of the Argentine Republic can access to competitive rates of energy for the achievement of full employment and production,” and stressed that “without a doubt, the strategic decision of Alberto and Cristina perform this work, it will impact positively on the development of the Argentine Republic. We work with tremendous effort and dedication to meet the demanding goals we have set.”
On this important milestone, the president of the BICE José de Mendiguren stressed that “to the global energy crisis, there is no project more strategic than this one for the country at present. In all the world development banks play a key role in determining these investments, and BICE are doing everything in our power to contribute to the Pipeline Néstor Kirchner to be a reality as soon as possible.”
The decree 76/2022 entrusted to Energy Argentina (IEASA at that time) the construction of the Pipeline, President Néstor Kirchner and of the works on the Program Transport.AR, created by the decree N° 67/2022 of the Secretariat of Energy that includes, in addition to the above-mentioned Pipeline, other works of expansion of the Transportation System for Natural Gas in our country.
In addition, this decree determined that there shall be established a trust administration and finance, the FONDESGAS, for administration, total or partial, of the works of the System Transport.AR, designating the Energy company in Argentina, as the grantor and the BICE as trustee.
The Pipeline, as President Néstor Kirchner is a project of infrastructure vital to our country, to increase by 25% the capacity of the transportation system for natural gas and help you develop the increased production in Vaca Muerta.
The trust property will be the funds derived from the Law 27.605 known as “Supportive Contribution”, the income of the trust property, the service of transportation of gas, the funds received by the Transport.AR, the specific funds of the ministry of Energy, any other fund that was designated for this work.
