Within the framework of the G20 Leaders’ Summit, the Minister of Treasury, Nicolás Dujovne, and the Minister of Foreign Affairs, Jorge Faurie, signed today a framework agreement with the Secretary of the Treasury of the United States, Steven T. Mnuchin, to strengthen investment in infrastructure and energy cooperation.
“This agreement will create investment and financing opportunities for energy development and economic growth, establishing a framework for integration and it represents an important progress for the United States and Argentina. Promoting energy is key for our economic development”, Dujovne said.
“The framework agreement signed today is part of an initiative of the United States called America Grows – in this case, with more opportunities for trade, investment and financing in energy and the promotion of economic growth for both countries. This framework agreement is aimed at promoting the private sector capital for investment in all the energy value chain, which includes the first stages of production, the generation, transmission and distribution of energy”, Secretary Mnuchin said. “Energy is a key element for economic growth. This framework agreement sets the ground for the growth, integration and security of the energy sector and it constitutes an important progress for the United States and Argentina”, Mr. Secretary added.
Under the framework agreement, both countries will cooperate to achieve the following objectives:
- Increase natural gas production, in particular from shale resources, and develop adequate natural gas storage capacity;
- Develop refined product midstream and downstream infrastructure;
- Develop greenfield natural gas-fired power plants and convert existing inefficient legacy natural gas, oil, diesel, and coal-fired power plants to operate using efficient combined cycle natural gas technology;
- Develop captive mini- and micro-grid “renewables plus” systems, which include renewable power generation, energy storage, and thermal power generation;
- Develop high-voltage power transmission infrastructure;
- Increase energy efficiency and develop “smart” buildings;
- Develop a deep and liquid market for infrastructure-backed debt instruments, including energy infrastructure-backed debt instruments; and
- Support investment in infrastructure and development of the energy sector in accordance with the objectives of each country regarding energy, environment and inclusive economic growth.