Argentina as an investment opportunity - Rodolfo G. Villalba Executive Vice President
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Argentina as an investment opportunity Rodolfo G. Villalba Executive Vice President Buenos Aires, May 2017 1
Argentina has strong fundamentals to become a regional economic engine Large and • 3rd largest economy in LatAm, GDP of USD 586 Bn diversified • 2nd highest GDP per capita in PPP terms in the region, USD 22,500 ECONOMY • ~43 Mn pop (~60% under 35); access to 300 Mn pop in Mercosur Vast availability of • 8th largest country in the world (2.8 Mn km2), with 53% of agricultural land NATURAL • Abundant food, water and renewable energy resources RESOURCES • Large oil & gas and mineral reserves • Qualified labor force, renowned for its technical skills, creativity & versatility High quality HUMAN • #1 in Latin America’s Indices of Human Development and Education CAPITAL • 98% literacy rate, ~110,000 higher education graduates per year NATIONAL • Nationwide road & railroad systems (35,000+ km), 43 ports & 54 airports INFRASTRUCTURE • High connectivity, with 75% broadband and 141% mobile penetration improvement underway • Extensive natural gas pipeline and electricity grid coverage 2
Argentina has potential to capture USD 25 Bn/year+ in Foreign Direct Investment Argentina has lagged behind its peers in capturing Now we have the opportunity to reach the level of the strong FDI inflow growth in Latin America FDI correspondent to the size of our economy Foreign Direct Investment ’08 - ’15 FDI/GDP (Avg. USD Bn/Year) (%, average) 74.9 8.4% ’90-’00 ’08-’15 6.0x 5.0% Average 3.9% 4.5% 27.4 3.4% 2.9x 19.7 2.4% 1.4x 1.9% 12.5 5.8x 6.6x 12.4 5.4x 9.4 9.7 8.2 7.1 3.4 1.9 1.5 Brazil Mexico Chile Colombia Argentina Peru Chile Peru Colombia Brazil Mexico Argentina Argentina’s share of regional FDI flows fell from 16% To reach the regional average, Argentina needs to to 4% between the 90s and the last 7 years capture USD 25 Bn a year in FDI flows Source: World Bank, IMF 3
President Macri’s Administration has taken concrete steps to resolve investors’ concerns WEF Survey: Main Concerns for Argentina (share of total responses) Key reforms and initiatives Inflation 18 • Instituted inflation targeting policy to reach single–digit CPI by 2018 • Removed capital controls and repatriation restrictions FX restrictions 17 • Floated exchange rate and recovered monetary reserves Access to 13 • Resolved defaulted debt and regained access to global financial markets financing Tax levels 11 • Removed export taxes and import restrictions • Government e-platform for tenders and public accounts Corruption 11 • Introduced Central Bank independence • Created the Argentina Investment & Trade Promotion Agency Government 6 • New Public–Private Partnerships (PPP) regulatory framework bureaucracy • Re–launched the National Statistics Bureau (INDEC) • Established 4–year plan to eliminate the primary fiscal deficit Other 24 • Implemented an unprecedented tax amnesty scheme • Country risk declined more than 100bp (-22%) in 12 months* • Recent public and corporate debt issuances have been oversubscribed by 4-7x** Source: World Economic Forum (2015), press releases * JPMorgan, Embi+ 08/31/15 = 584, Embi+ 08/31/16 = 454. **Includes the Federal Government, Buenos Aires Province and corporations 4
The new administration was able to stop the decline and strengthen foreign exchange reserves Recovering Foreign exchange reserves (USD million) reserves level to pre FX restriction policies in 2011 $ 60.000 USD 51.495 The $ 50.000 unprecedented tax amnesty $ 40.000 scheme (for a monetary value $ 30.000 of USD 120 Bn so far) will continue to contribute to $ 20.000 the growth of foreign exchange $ 10.000 reserves $0 Source: Central Bank of Argentina. Dates are in dd/mm/yyyy format 5
Low leverage at the household, corporate and government levels increase potential for investment and growth Household Debt - 2014 Corporate Debt - 2014 Sovereign Debt - 2015 (% of GDP) (% of GDP) (% of GDP) Latin America 125% 101% 249% 121% 105% Emerging Markets 96% Developed World 81% 89% 74% 86% 86% 71% 70% 69% 55% 67% 53% 65% 54% 52% 51% 54% 43% 45% 36% 40% 38% 30% 29% 24% 21% 18% 19% 15% 16% 9% 7% 7% Chile Chile Chile USA USA USA UK France Argentina UK France UK France Mexico India India China Mexico China India Argentina Argentina Brazil Peru Brazil Peru Brazil Japan Russia Japan Russia Japan Germany Germany Germany Colombia Colombia Colombia Argentine households have significant Argentine corporations have the lowest The government has ample room to room to borrow and increase spending debt to GDP ratio in the world, borrow from capital markets to fund increasing opportunity for leverage infrastructure projects Source: McKinsey Global Institute, BCRA, IMF 6
Argentina’s macroeconomic indicators are projected to improve markedly beginning in 2017, making this an ideal moment to invest in the country Argentine GDP growth is expected to rebound According to IMF, Inflation is expected to decrease strongly in the next few years significantly, reaching single digits by 2020 YoY GDP Growth (constant 2004 prices) YoY Consumer Price Change Historical Projected 39% 11% Argentina’s Central 6% Bank has set more aggressive goals of 5% 12-17% for 2017 4% and 8-12% for 2018, reaching 5% in 2019 3% 21% 2% 17% 1% 12% 0% 2008 2010 2011 2013 2015 2017 2018 2019 2020 2021 -1% 7% 5% -2% -6% 2016 2017 2018 2019 2020 2021 Sources: Historical – INDEC; Projections – IMF World Economic Outlook (October 2016) 7
Argentina offers investment opportunities of more than USD 250 Bn Manufacture/ Value Added Infrastructure Energy & Mining Agribusiness Industrial Goods Services $135 Bn $85 Bn $25 Bn $5 Bn $5 Bn • Roads & highways: $48 Bn • Oil & Gas: $20 Bn+ (per • Irrigation: $18 Bn • Automotive industry • Tourism • Water & sanitation: $22 Bn year) • Animal protein (beef, • Food & Beverage • Professional • Education & health: $20 Bn • Mining: $30 Bn+ pork, poultry): $5 Bn • Consumer products services • Urban mobility: $17 Bn • Renewable energy: $15 Bn • Forestry/Pulp: $2.5 Bn • Machinery & • Biotechnology • Freight rail: $15 Bn • Hydro power: $10 Bn Equipment • Pharma • Real estate: $5 Bn • Power grid: $5 Bn • Basic materials • Software • Thermal power: $4 Bn development • Telco networks: $5 Bn • Airports & ports: $3 Bn • Nuclear power: $3 Bn Note: All values are in USD 8
The Argentina Investment & Trade Promotion Agency Contribute to the creation of quality jobs and sustainable economic development by reinserting Argentina into the world, through investment and trade ➢ Single point of contact in the government for companies seeking to invest in Argentina ➢ Become a strategic partner throughout the investment period ➢ Facilitate investment processes and improve business climate ➢ Promote the highest ethical and professional standards, making Argentina a better and more transparent place to conduct business ➢ Unlock SMEs and regional economies potential to strategic international markets ECONOMIC JOB REGIONAL SOCIAL TECHNOLOGY STRATEGIC ENVIRONMENTAL IMPACT CREATION ECONOMIES IMPACT TRANSFER SECTORS CARE 9
The Agency facilitates investment processes throughout the business ecosystem Strategic issues Administrative issues Sector-specific information, programs, regulatory framework Tax/legal paperwork, permits, registrations Foreign Regional TAX LEGAL Consultants Promotion Agencies Embassies & President /Chief of Municipalities Consulates Staff Ministry of Foreign Provinces Affairs Private, Financing state-owned, Programs & multilateral banks Strategic CAPITAL FLOWS PERMITS Ministries Partners Big 4, Secretariats Industry management Chambers consultants Ministerial Associations IPAs The Agency is a single-point-of-contact for investment projects, independently of sectors and origins 10
Through the end of November, there have been investment announcements totaling USD ~53 Bn, of which the Agency manages USD ~35 Bn Investment Announcements (USD Bn) # Projects 55.4 360 Agribusiness 2.4 33 2.5 60 Technology & Other Services Consumer Goods 5.4 53 Industrial Goods 6.6 49 # Projects 203 34.9 Financial Services 6.7 38 2.9 53 2.2 39 Transport & Infrastructure 8.0 28 4.2 33 1.3 29 4.6 25 5.9 8 Energy & Resources 23.9 99 13.7 32 Investments announced* Investments managed by the Agency * From 11/12/15 to 11/12/2016. Includes only projects with a declared monetary amount 11
We have a world-class team ready to assist you with your investment and trade needs PABLO TARANTINI JUAN PABLO TRÍPODI FRANCISCO URANGA VP Investments VP International Trade VP Investments Infrastructure, Mining, Agribusiness, Consumer Agribusiness, Industrial Consumer Goods, Innovation Goods, Services Goods +54 11 5218 8571 +54 11 5218 2924 +54 11 5218 9332 ptarantini@invest.org.ar jtripodi@exportar.org.ar furganga@invest.org.ar JUAN PROCACCINI President +54 11 5199 8572 Presidencia@invest.org.ar RODOLFO VILLALBA ANDRÉS ONDARRA ANDRÉS TAHTA VP Investments VP Investments VP Investments Business in Asia Finance, Power Telecommunications, +54 11 5218 9332 Generation, Real Estate, Renewable Energy, Health & rvillalba@invest.org.ar Oil & Gas Professional Services +54 11 5218 9332 +54 11 5218 8571 aondarra@invest.org.ar atahta@invest.org.ar 12
Rodolfo G. Villalba Executive Vice President rvillalba@invest.org.ar Miguel Mitre Analyst Asia mmitre@invest.org.ar www.investandtrade.org.ar InvestTradeARG 13
APPENDIX 14
According to private projections, economic growth combined with reduction in subsidies to consumers should reduce the primary fiscal deficit from 4.8% to 0.9% of GDP by 2021 Relationship between primary revenues, expenditures and fiscal deficit (% of GDP) 23.4 24 22.4 21.7 22 20.6 19.4 18.9 20 18.6 18.3 18.6 18.4 17.9 Expenditures 18 4.8 4.1 Primary revenues 4 3.1 18.0 2.2 1.5 2 0.9 Fiscal deficit 0 2016 2017 2018 2019 2020 2021 3.6% 3.8% 3.2% 3.1% 3.1% GDP Growth -2.0% Source: Morgan Stanley 15
A number of regulatory initiatives have been or are in the process of being implemented to foster a better business and investment climate UNDER CONGRESSIONAL ALREADY IMPLEMENTED REVIEW UPCOMING ✓ Normalization of Foreign Exchange Market – removal of capital • “First Job” Law – tax • Cultural Patronage Law – controls and exchange rate unification credits and subsidies for tax incentives for private companies who employ 18 companies to finance ✓ Removal of Export Taxes on Mining and Industrial Products – 24 year olds cultural projects ✓ Reduction of Agricultural Export Taxes • “Simplified” Stock • Transparency in Public ✓ New Import Regime (“SIMI”) – clarification of goods requiring Company Law – new Works Law – stipulates a non-automatic import licenses, all other goods require only an company type to facilitate requirement that all the automatic license the establishment of start- administrative steps for ✓ Rural Land Law – implementation of a more flexible system for ups (online registration, public works be made productive use of rural land by foreigners ability for employees to public receive stock as ✓ Tax Amnesty Law – tax incentives for Argentines to repatriate compensation) assets held abroad and invest in Argentina’s economy • Venture Capital Law – ✓ SME Promotion Law – reduction of income tax and increase in creation of funds backed financing options for SMEs by the government and ✓ Automotive Parts Production Law – incentives for automotive with incentives for industry when buying local production investors to foster Argentine ✓ Access to Public information Law – stipulates a requirement that entrepreneurship all public information requested of the government be provided (or denied with a specific reason) within 15 days ✓ Public-Private Partnership (PPP) Law – measures to facilitate and incentivize fruitful investment partnerships between public and private sector 16
Financial markets have been eager lenders to the government and Argentine companies RECENT DEBT PLACEMENTS Bond Issuer Date of issue Millons Maturity Av. cost COMMENTARY USD (years) SOVEREIGN ✓ Argentina was the emerging market Argentine Republic April 17, 2016 16.500 3, 5, 10, 30 7.2% with the most debt placements in H1 5.625% Argentine Republic January 26, 2017 7.000 5, 10 6.875% 2016 with USD 23 Bn in total SUB-SOVEREIGN placements (20% share) Buenos Aires Prov. March 9, 2016 February 7, 2017 1.250 750 6–8 6 9.375% 6.6% ✓ Issuers included sovereign, sub- Neuquén May 5, 2016 235 12 8.62% sovereign and prime corporations and Mendoza May 12, 2016 500 8 8.375% many of them were oversubscribed Ciudad de Buenos Aires May 25 2016 890 11 7.625% ₋ The federal government Córdoba June 3, 2016 725 5 7.125% received offers for USD 69 Bn, Salta June 30, 2016 300 8 9.125% implying an oversubscription of Chubut July 18, 2016 650 10 7,75% 4.2x Chaco August 11, 2016 250 8 9.5% Santa Fe October 25, 2016 250 10 6,9% ₋ Buenos Aires Province was Entre Ríos February 1, 2017 350 8 8.75% oversubscribed by 3x, Neuquén CORPORATE by 6.3x, Mendoza by 4.6x IRSA March 17, 2016 300 1–4 8.75% ₋ Cablevisión was oversubscribed YPF March 23, 2016 1000 5 8.5% by 7.0x Cablevisión June 8, 2016 300 5 6.5% Arcor S.A. June 22, 2016 300 4 9.125% YPF June 30, 2016 750 4 9.125% Arcor S.A. March 23, 2016 1000 5 8.5% 17
Argentina has recently passed a law to promote Public-Private Partnerships Objective: Increase private investor participation in a variety of projects promoted by the Argentine government across sectors • Public sector: access to the experience, efficiency and financing of the private sector Benefits • Private sector: ability to participate as an investor in public projects under clear guidelines and foreseeable streams of payments • Any private or semi-private company and any public sector entity is allowed to participate through a variety of investment vehicles (e.g. existing societies, trusts etc.) • Ample guarantees to ensure that contract obligations are met and payments made • Limits the state’s ability to unilaterally change contract terms or alter the Provisions economic equilibrium of the agreement (e.g. 100% compensation will have to be paid prior to takeover of assets) • Allows for contracts to be agreed to and payments to be made in foreign currencies • Dispute resolution can be sought from technical panels and/or national/international tribunals 18
We have very attractive renewables and unconventional O&G markets under development Power generation: renewables target of 20% of Unconventional O&G: “Vaca Muerta” play has consumption shall be met by 2025 world-scale potential Installed Capacity Addt’l Capacity Shale Oil Reserves Shale Gas Reserves (GW) 54 (Bill. Barrels) (Trill. Cubic feet) 10 10 GW 75 1,135 1 1,5 GW 33 58 Renewable 802 1 18 8 GW 707 Nuclear 665 10 Thermal 32 27 Hydro 22 25 3 GW 2015 2025 Russia USA China Arg China Arg AlgeriaRussia • Investments of USD 15 Bn needed to meet renewables • Argentina holds the world’s 2nd largest technically target recoverable shale gas and 4th largest shale oil reserves • Great conditions for wind, solar, biomass and small hydro • Vaca Muerta has 4+ years of cumulative development • Government commitment and support: - Area of 30,000 km2 with ~300m of shale layer at ~3,500m of depth (with 3-5% of total O&G content) - Competitive prices under guaranteed long term PPAs - JVs between YPF and Chevron, Dow, Pampa, Petronas - Tax incentives (accelerated depreciation, levied import duties, etc) - Financing for renewable energy projects • The Government has preagreed modifications to the Vaca Muerta collective bargaining agreement: gas price • >10GW of large baseload plants (thermal/hydro) needed will have longer predictability, and labor costs and productivity will be improved Source: Ministry of Energy and Mining, EIA 19
Argentina has 300+ GW potential in renewable energies distributed across different regions in the country* SOLAR • High solar radiation levels found in flat terrains with good altitude and BIOMASS low humidity levels • Wide availability of sugar cane • High capacity factors for Solar PV bagasse and agricultural residue • Significant forestry coverage and wood production in NE and south MINI - HYDRO regions (eg. Tierra del Fuego) • Wide availability of mini-hydro projects with high capacity GEOTHERMAL factors (over 50%) • High quality geothermal resources located in the Central Andes region. • The area hosts almost every basic WIND geothermal element such as volcanoes, fumaroles, hot springs and geysers • Year-round strong and stable winds reflected in capacity factors of 35%+ • Favorable terrain conditions (include rounded hills, open plains and extensive shoreline) * Excluding biomass Source: Universidad del Comahue, IEA, Enel 20
Argentina has the highest wind power potential in the region • Patagonia Region has very stable and strong winds throughout the entire year (with average winds of over 9m/s) • Windfarms with capacity factors ranging from 35% to 50% Selected Countries: Wind Capacity Factors (%) Argentina: Average Windspeed Map 50 47 44 15 37 35 33 23 20 19 35 Arg Uru Per Bra Mex Chl USA Chi Ger CF Source: Project public data / BNEF; Map: Centro Regional de Energía Eólica 21
Argentina also has the second highest solar power potential in the region • Northern Region has exceptional radiation levels and terrain conditions, comparable to those in the Atacama desert in Chile • PV capacity factors expected to range between 25% and 33% (with tracker) Selected Countries: Solar Capacity Factors (%) Argentina: Average Solar Radiation Map 34 33 31 8 20 20 16 17 15 12 25 Mex Arg Chl Bra Per Uru Ger Chi Jpn CF Source: Project public data / BNEF; Map: National Renewable Energy Laboratory (NREL) 22
Recent tenders in renewable and thermal energy were heavily oversubscribed Renewable Energy (RenovAr Rounds 1 and 1.5) Thermal Energy 1 GW Capacity called for tender Awards ✓ Auction initially contemplated 59 Projects increasing installed capacity by 1 TOTAL 123 Projects presented AWARDED 2,423 MW 8,268 MWh/yr GW, but ended up awarding 2.8 GW due to high demand Wind x 6.3 Oversubscribed 22 Projects ✓ Results: 1,472 MW 5,827 MWh/yr • Total of 2.8 GW awarded Solar PV 24 Projects 916 MW • 6.6x oversubscribed 2,192 MWh/yr • 20% offers coming from new Biogas 6 Projects players 9 MW 67 MWh/yr • Pricing ~32% cheaper than Biomass 2 Projects previous auction 15 MW 117 MWh/yr Small Hydro 5 Projects 11 MW 65 MWh/yr For specific information on the Renewable Energy awarded projects, please see the RenovAr Brochure developed by the Udersecretariat of Renewable Enery, Ministry of Energy and Mines 23
We have great mining potential, with abundant reserves of lithium, copper, silver, gold and potassium Significant mining potential with ~75% unexplored surface Important opportunities in lithium, copper, silver and gold World • 750,000 Km2 of high Thousand tonnes Ranking potential mining areas 11x Lithium Current 13 #3 • 183,000 Km2 of already Potential 148 #2 granted mining rights - 25 advanced prospects Thousand tonnes 9x # 20 - 14 production mines Copper Current 110 #6 Potential 856 100 956 Gold Tonnes Copper Current 3x # 10 Uranium Silver 756 Potential 1,417 800 2,217 #5 Polymetallic Lithium Tonnes Lead-Zinc Iron Gold Current 53 2x # 14 Prospective areas Potential 76 31 107 #9 • ~65% of the mining surface remains unexplored • USD 30 Bn+ needed to develop copper, silver, gold, lithium, potassium and other opportunities • No export taxes for mining products • There are 40+ projects with PEA and onward Source: Ministry of Energy and Mining USGS • There are 340+ projects in initial stages 24
There are at least 7 world class Copper projects in advanced stages, and 85 projects in early stages underway Our 7 projects in advanced stage are 85 projects in early stages in several provinces exploitable in the near future • 23 in Salta • 8 in Mendoza • 1 in La Pampa • 17 in San Juan • 7 in Jujuy • 11 in Catamarca • 6 in Neuquen • 10 in La Rioja • 2 in Chubut Advanced Projects Company Metals Province State Agua Rica Yamana Gold Cu, Au, Mo, Ag Catamarca Feasability El Pachón Glencore Cu, Mo, Ag San Juan Feasability San Jorge Solway Investment Ltd Cu, Au Mendoza Pre-Feas. Taca-Taca First Quantum Cu, Au, Mo, Ag Salta Feasability Josemaría (las Vicuñas, Las Flechas) NGEX Resources Cu, Au, Ag San Juan PEA Los Azules McEwen Mining Cu, Au, Ag San Juan PEA El Altar Stillwater Mining Corp. Cu, Au San Juan Adv. Exp. 25
Argentina has the 3rd largest brine Lithium resource; alongside Bolivia and Chile we form the Lithium Triangle There are 7 projects in pilot stage Company Salar Tn/yr Orocobre Ltd. Toyota S. Olaroz Cauchari 20k FMC S. Del Hombre Muerto 20k Enirgi Group S. Rincón 20k 25 Projects in early stages Ganfeng Lithium S. Llullaillaco 20k • 5 in Jujuy Eramet / Eramine S. Centanario 20k • 15 in Salta SQM S. Cauchari Olaroz 20k • 5 in Catamarca Galaxy Resources Ltd. S. Del Hombre Muerto 20k 26
There are vast agribusiness opportunities in land irrigation, cattle raising, forestry & cellulose and food industrialization Argentina has excellent agriculture conditions and full There are still many opportunities for further government support development Argentina´s food production capacity 2016 Argentine production (Million people) Development of more than 4 Mn Ha 56 Mn tons production with artificial irrigation 1.5X 1st soy oil exporter (6 Mt) 600 Potential investment: USD 8 Bn 2nd soymeal exporter (32 Mt) 3rd bean exporter (12 Mt) 400 Cattle raising expansion – 10 Mn head, 28 Mn tons production 200 K swine and 1,5 Bn poultry 3rd world exporter (17 Mt) Potential investment: USD 10 Bn+ 2.8 Mn Tons produced 11th meat exporter (265 MT) Expansion of the forestry and cellulose/ 2015 2025 paper industry, biomass energy and housing. Raw material: 4-5 Mn m3/year • Farming conditions: Potential investment: USD 2.5 Bn - Mild Climate with abundant rainfall Potential and incentives to consolidate - Rich soils with low fertilizer needs as significant player and develop 300k - Exceptional human resources, long farming tradition tons of aquaculture - High technology adoption in crop genetics (>65% GMO) Potential investment: 1 Bn+ - Unparalleled logistics with 100% storage capacity • Government support: one of the first measures adopted by Increased food industrialization (milling, President Macri’s administration was the elimination of wine, canned and frozen food) export taxes to wheat, corn, meat and regional products Potential investment: USD 0.5 Bn+ Source: Ministry of Agroindustry 27
In professional services, we have become a hub for large companies’ shared service centers Argentina has a number of distinct benefits for the Dozens of companies across industries have establishment of shared service centers established their shared service centers in Argentina • Ample supply of talented and English speaking workforce 40+ shared service centers in Argentina, including - 110K higher education graduates per year - 15th in the world in terms of English proficiency (1st in LatAm) - 98% literacy rate countrywide • Located in a convenient time zone 1000 employees providing IT, 650 employees providing - Entire Americas and Europe within +/- 5 hours* research, credit analysis and IT, tax & project - NYC / Washington D.C. / Boston are at -1 hour processing services (opened management services - London is at +4 and Continental Europe at +5 hours in 2015) (opened in 2012 ) • Availability of high-quality affordable urban office space - Buenos Aires office space is cheaper than Rio de Janeiro, Sao Paulo, Bogota, Santiago and Mexico City - Tax incentives exist for companies installing themselves in certain areas of Buenos Aires (e.g. new technology district) 400 employees providing IT 120 employees providing • Developed mobile and broadband infrastructure and accounting services admin, procurement and - 75% of population with broadband access (opened in 2006) billing services (opened in - 141% mobile phone penetration with wide cell service 2006) availability *Differences can shift by +/- 1 hour during daylight savings time Sources: UN, GSMA, press releases 28
In infrastructure, we have ambitious development plans for roads & highways, railways and airports Roads: improvement and construction Freight rail: rehabilitation of the entire Airports: modernization & increased of roads & highways network flight usage • ~40% of roads are currently in poor • Only 5% of freight is transported by • Growth by 2x of air traffic expected conditions railway (18 Mn tones) by 2020 (10 Mn to 20 Mn • Only 2,800km of highways in place passengers) • Average speed of ~12-15 km/h • Plan 2027: • Expanded international connections • Plan 2027: - 11,400 km of total highways - 10,000 km of refurbished rails • Plan 2019: - 13,000 km of roads in good conditions - 80-100 Mn tones transported - 14 airports modernized by 2019 - Investment of USD 28 Bn - Investment of USD 15 Bn - Investments of USD 900 Mn 2015 2027 Passenger rail: new developments Ports • The Regional Express Network (RER) is a USD 8.5 Bn urban passenger • Port of City of Buenos Aires bid investment Source: Ministry of Transportation 29
There are a number of public tenders planned in the short term across sectors Transportation Federal Infrastructure Energy Real Estate & Tourism Passenger rail rolling stock Thermal Tender (large high efficiency projects - Waste-to-energy electricity >700MW) Nationwide road concessions plants Housing public works First HV Transmission Grid Stage 2 Belgrano Cargas Health related public works Tender Cafayate tourism project H2 2016 & H1 2017 freight Education related public “Portezuelo del Viento” Various real estate projects works multipurpose dam in Buenos Aires City (e.g. Regional Express Railway Renewable energy (solar, Huergo Project, Colegiales wind, hydro, biomass etc.) Station, Houssay Square…) Port of Buenos Aires concession Seismic evaluation for offshore O&G Buenos Aires Subway Nationwide irrigation construction & renovation systems “Potrero del Clavillo” multipurpose dam Various real estate projects 6-8 Vaca Muerta play tender in Provinces (e.g. North Port Further freight rail projects Rosario, Mendoza Station…) (e.g. San Martin Cargas, Urquiza Cargas) H2 2017 RenovAr Plan Round 2 Note: All tender dates are tentative and approximate; includes only selection of opportunities. Thermal energy tenders to be determined. 30
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