Natural resources and energy
Argentina is rich in natural resources. Gold
and copper are mined in the Bajo de la Alumbrera in the
northwest. In the south, iron ore is mined, while
uranium is found in Mendoza Province in
the west. The country also has assets of aluminum, coal,
lead, zinc, tin, silver, asbestos, manganese and more,
many of which have not been exploited. The mining
industry is dominated by foreign-owned large companies.
A large part of the energy sector is now privately
owned. Oil production has fallen steadily since 1998,
while natural gas has become increasingly important.
However, since 2007 gas production has also decreased.
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Major exports by Argentina with a full list of the top products exported by the country. Includes trade value in U.S. dollars and the percentage for each product category.
Most of the oil is extracted in Patagonia in the
south. There, in 2010, new large deposits of shale oil
and gas were discovered, which in the long term can
generate large incomes. Most of the oil is extracted in
Patagonia in the south. In 2010, large deposits of shale
and shale gas were discovered in the 30,000 square
kilometer area of Vaca Muerta in Patagonia. The
difficulties in drilling in the area make it much more
expensive to extract the Argentine deposits than those
in the United States. In 2013, YPF, which has the rights
to drill in 40 percent of the area, signed agreements
with US companies such as Chevron and Dow Chemical, and
the Malaysian Petronas on extraction of parts of the
deposit. Several other foreign companies also operated
there, but on a smaller scale. Discussions about new
collaborations were also held with a number of other
foreign oil companies, Economic overview).
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Argentina.
Almost 60 percent of electricity generation came in
2011 from gas and oil-fired thermal power plants, while
hydropower accounted for about 30 percent. On the Paraná
River, Argentina and Paraguay have a joint power plant,
Yacyretá. There are also two nuclear power plants and a
third is being built. There are also plans to build even
more in collaboration with a Chinese company. Lack of
energy occasionally leads to power failure.
Gas pipelines for export have been built to Brazil,
Chile and Uruguay. Argentina also makes money from
Bolivia's gas exports to Chile going through the
country. In recent years, however, gas imports have been
greater than exports.
Almost a fifth of the country is covered by forests,
ranging from pine forests in the Andes to rainforest
areas in the northeast. Deforestation is a problem and
the country is estimated to have lost 70 percent of its
forest land since the beginning of the 20th century.
FACTS - ENERGY AND ENVIRONMENT
Energy use per person
2,015 kilos of oil equivalent (2014)
Electricity consumption per person
3052 kWh, kWh (2014)
Carbon dioxide emissions in total
204 025 thousand tonnes (2014)
Carbon dioxide emissions per inhabitant
4.7 tonnes (2014)
The share of energy from renewable sources
10.0 percent (2015)
2018
December
Court gives legal sign for legal proceedings against
Fernández de Kirchner
December 21
Former President Cristina Fernández de Kirchner will
face trial for receiving tens of thousands of dollars in
bribes during his time in power. It confirms a federal
court, which thus goes along the lines of Judge Claudio
Bonadio (see August 2018). As a
senator, Fernández de Kirchner cannot be imprisoned, but
the prosecutorial immunity that applies to congressmen
does not prevent her from being brought to trial.
Argentina's economy is shrinking
December 18
Argentina's GDP has fallen by more than 3 percent in
the last three months of 2018. It is the second
three-month period in which Argentina has negative
growth. The biggest problem is shops, the fishing sector
and industry, while things are relatively good for the
financial sector. According to IMF forecasts, the
Argentine economy will shrink by 2.6 percent in 2018 and
by 1.6 percent in 2019.
Argentina faces mandatory vaccination
December 17
The Senate votes to introduce mandatory vaccination
against diseases that can be prevented, such as measles,
rubella and mumps (the law covers those born after
1965). Adults should be vaccinated against hepatitis B.
Special rules apply to the elderly. In the legislation,
which has already been adopted by the Chamber of
Deputies, citizens will not be able to access some
public service if they are unable to present a valid
vaccination card. Everyone who wants a national ID card,
a passport or a driving license will need to present a
certificate. Employers must not deny employees time off
for vaccination, and it will be punishable for health
care workers to refuse someone to get a vaccine. Both
the Senate and the Chamber of Deputies agreed.
The Mapuche people sue energy companies for
environmental degradation
December 17
The Mapuche people in southern Argentina sue the big
energy giants, American Exxon, French Total and Pan
American Energy, partly owned by BP, for the damage they
caused to the environment near the city of Anelo in
Patagonia. A number of other smaller energy companies
are mentioned in the atmosphere. According to a survey
conducted by the environmental organization Greenpeace,
the companies have dumped environmentally hazardous
waste, which is a danger to both people and animals in
the area. The waste comes from Vaca Muerta, where
extraction of shale oil and gas is ongoing.
Former Ford bosses are being convicted of crimes
under the military dictatorship
December 12
Two former executives of the American car company
Ford in Argentina, Hector Sibilla and Pedro Muller, are
sentenced to twelve and ten years in prison,
respectively, for cooperating with the military junta
from 1976 to 1983. They are sentenced for providing
authorities with information about union leaders on the
left. later were kidnapped and tortured. Sibilla must
also have been present on at least one occasion when
torture occurred. Both men say they should appeal the
verdict.
November
Lost submarine is found
November 17
The submarine, ARA San Juan, which disappeared in
mid-November 2018 has now been found by a US company 800
meters deep in northern Patagonia, some 40 miles off the
coast. The submarine must have been crushed by the
pressure as it sank. Relatives of the 44 crew members
demand that their remains be salvaged, but the Argentine
government says it cannot be afforded.
October
The crisis budget is approved after fierce debate
October 25th
The Chamber of Deputies approves the government's
crisis budget following a fierce marathon debate. 138
members vote for the budget, 103 receive and eight
members cast their votes. The government wins the vote
when 32 members of the Peronist Party Partido
Justicialista, PJ's moderate faction, vote for the
budget. According to forecasts, the Argentine economy
will shrink by 2.6 percent in 2018 and inflation will
rise to 40 percent on an annual basis. Outside the
congress building, protests against austerity policy are
ongoing. These lead to clashes between police and
protesters. Opposition leaders condemn the violence they
blamed on "extremists".
Argentina protests against British military exercise
October 9
Argentina faces a formal protest at the British
Embassy in Buenos Aires against British military
exercises being held in the Falkland Islands later in
October. Argentina made a similar protest in 2016, when
the British argued that it was a routine exercise.
September
The IMF increases support for Argentina
September 26th
IMFpledges greater support to Argentina than the
parties agreed in June 2018. Argentina may borrow just
over $ 57 billion to be paid over a three-year period,
instead of the $ 50 billion that was included in the
first aid package. The money will also be paid out at a
faster rate than it was originally intended. The
problems are nevertheless hopeful for the government,
not just because of falling value for pesos and high
inflation. Unemployment has risen to 10 percent, not
least as many have left their jobs in the public sector.
At the same time, trade unions demand that pensions be
increased, as do taxes, and that some market reforms,
which have led to factories being closed down, must be
withdrawn. At the same time, President Macri is losing
popularity,
The Governor of the Central Bank resigns. Macri
negotiates more money from the IMF
September 25
Central Bank Governor Luis Caputo is leaving after
only three months at his post. The timing of Caputo's
departure is sensitive as President Macri is in the US
to negotiate with the IMFon new support. New central
bank governor becomes Guido Sandleris, who participated
in the discussions with the IMF in June. Caputo says he
resigns for personal reasons, but it is speculated that
disagreements with the IMF are behind. According to a
source quoted by the Financial Times, Caputo has wanted
to intervene to influence the exchange rate for pesos,
something the IMF should have opposed. Other sources
talk about cooperation difficulties with Finance
Minister Nicolas Dujovne. The policy rate in Argentina
is now at 60 percent, the peso has lost half its value
against the dollar and inflation is expected to reach 40
percent in 2018. At the same time, a 36-hour national
general strike is ongoing against the government's
crisis budget.
Tens of thousands in protest against Macris crisis
budget
September 24th
Tens of thousands of protesters gather in Buenos
Aires to protest against the government's new crisis
budget and with banners with the words "No to the IMF ".
A general strike is also announced until September 25.
At the same time, President Macri says the government
continued to negotiate with the IMF to get more support
for the country.
Macri is accused of exceeding his powers
September 6
Two former congressmen are reporting President
Macri's abuse of power when, without consulting
Congress, he signs a new loan agreement with the IMF.
They argue that, according to the Constitution, only
Congress can make such a decision.
Macri announces new crisis measures
September 3
President Macri announces new and tough savings
measures. The number of ministries should be reduced
from 22 to 10, and half of all ministers may go. In
addition, the export tax is temporarily reintroduced in
certain cereals. The purpose is to stabilize the economy
and prevent the value of peson from falling further. At
the same time, thousands of former government employees
who have lost their jobs are protesting against
austerity policies. Read more about the causes of the
crisis in Argentina - the crisis in six charts
August
The policy rate is raised to 60 percent
August 30th
The Argentine central bank raises the key rate from
45 percent to 60 percent. Despite this, the person loses
value against the dollars. The exchange rate falls by 13
percent on a 24-hour period.
The IMF agrees to faster loan disbursement
August 29th
Argentina and the IMF agree that parts of the $ 50
billion crisis loan should be paid out prematurely, as
the Argentine economy continues to deteriorate. On the
other hand, the Argentine government promises to reduce
the budget deficit from 2.7 percent this year to 1.7
percent in 2019. Since the turn of the year, the value
of the Argentine person has fallen by 40 percent against
the dollar and inflation in the country remains high.
The value of the person has fallen by almost 8 percent
in one week.
Ex-president's house is being searched by police
August 23rd
Police are searching several properties belonging to
former President Cristina Fernández de Kirchner. This
happens as part of the large corruption investigation,
which was revealed earlier in August. The house searches
are possible after Judge Claudio Bonadio succeeded in
obtaining parts of the immunity from prosecution that
Fernández de Kirchner has claimed as senator. She claims
that she has not committed any crimes.
The Senate says no to legalize abortion
9th of August
The Senate votes no to legalize abortion after a
16-hour debate. 38 senators thus reject the bill that
was approved by the Chamber of Deputies in June (see
June 2018), while 31 senators support
it. Three members cast their votes. Both abortion
advocates and opponents demonstrate outside the congress
building. According to the Ministry of Health, about
350,000 illegal abortions are carried out per year in
Argentina.
Former Vice President is convicted of bribery
August 7th
Former Vice President Amado Boudou is sentenced to
five years and 10 months imprisonment for bribery and
for conducting business transactions incompatible with
his tenure. The verdict states that he has no right to
hold any political records and is required to pay the
equivalent of $ 3,200 in fines. Boudou has also been the
country's finance minister. A further five people are
convicted of involvement in the corruption scandal that
was unveiled in 2012. Boudou was then accused of gaining
control over a company that would print both banknotes
and Férnandez de Kirchner's promotional material via
shell companies and intermediaries. Another legal
process is underway against Boudou, where he is, among
other things, accused of money laundering.
At least 16 arrested in new corruption scandal
August 2
At least 16 businessmen and former government
officials are arrested following new disclosures of
corruption during Cristina Fernández de Kirchner's time
in power. This is according to reports in the La Nacíon
newspaper that these people paid millions in bribes to
the then president in exchange for public construction
contracts. The disclosures are based on information from
a driver who worked for Roberto Baratta, one of
Kirchner's ministers, from 2005 to 2015. According to
media reports, the total is more than $ 50 million, but
the judge Claudio Bonadio indicates a significantly
higher sum. Fernandez de Kirchner denies that there is
anything in the allegations and claims that President
Macri, his media contacts and Judge Bonadio are trying
to discredit her. But the deal also hits Macri, as his
cousin who has taken over the family's business empire
has acknowledged that he paid to win a contract. In
September, Bonadio requests that Fernández de Kirchner
be arrested and that her immunity from prosecution be
revoked. Legal proceedings are also initiated against
some 40 other persons.
July
Argentina requests that Iran's former foreign
minister be extradited
July 12
Argentina's federal courts send a request to Russia
and China to arrest former Iranian Foreign Minister Ali
Akbar Velayati and extradite him to Argentina so he can
be heard about the bombing of a Jewish center in Buenos
Aires in 1994. The request is sent before Velayati, who
is now an adviser to the President of Iran, will visit
Russia.
June
General strike makes Argentina stand still
June 25
Large parts of Argentina have been silent since
several unions announced a general strike in protest of
the government's decision to borrow $ 50 billion from
the IMF. In addition, the trade union organization CGT
demands that wages be increased in line with inflation,
which is now around 30 percent, and believes that the
austerity policy proposed by the IMF will hit the
weakest groups hardest. In Buenos Aires, public
transport stops and several roads are blocked by
activists. All air traffic is also down. Many
Argentinians blame the IMF for the acute economic crisis
of the millennium.
Peson's crisis gets minister on a fall
17th of June
The value of the Argentine peso against the dollar
continues to fall, now by 6 percent. This means that the
exchange rate has fallen by a total of 30 percent since
the beginning of the year. President Macri now chooses
to dismiss two of his ministers, including Minister of
Energy Juan José Aranguren, former head of Shell's oil
company in Argentina, who has admitted his fortune of $
88 million overseas because he lacks confidence in the
Argentine economy. Earlier in the week, Fed Governor
Federico Sturzenegger also had to leave his post.
Argentina one step closer to free abortion?
June 14
The Chamber of Deputies is voting for a marathon
debate to legalize abortion until the 14th week of
pregnancy. 129 members voted in favor of the proposal,
while 125 voted against and one member abstained. For
the abortion ban to be lifted, the Senate must also vote
yes. President Macri who opposes a law change has said
he will not veto the Senate's approval. Abortion is only
allowed in Argentina after a rape or if the woman's life
is in danger. In order to get the right to do the
procedure, a woman must apply for permission from a
judge.
The IMF grants a billion loan to Argentina
7 June
The IMF offers Argentina a $ 50 billion loan to help
it cope with the economic crisis. In exchange, the IMF
calls for major savings in the state budget and measures
to reduce high inflation. The agreement is approved a
few weeks later by the IMF board. This will lead to an
almost 9 percent boost on the Buenos Aires stock
exchange.
May
British Foreign Minister visits Argentina
May 23
Britain's Foreign Minister Boris Johnson visits
Argentina. This is the first time in 25 years that a
British foreign minister is visiting the country, which
is seen as yet another sign that relations between the
UK and Argentina have improved since the Argentine power
change in 2015.
Priest is sentenced to long prison sentence for
sexual abuse of children
May 23
A Catholic priest is sentenced to 25 years in prison
for sexually assaulting seven children in a school in
Parana, some 60 miles from Buenos Aires, from 1985 to
1993. The victims were boys aged 13-14 who lived in the
school boarding school. The priest denies crime.
Prosecution is being brought against militants for
torture during the Falklands War
May 16
Prosecution is brought against 26 Argentine officers
who are accused of torturing their own soldiers during
the Falklands War. The torture carried out by a special
unit was aimed at curbing alleged discipline problems
among the soldiers who suffered from lack of food and
other supplies. The case was first raised in 2017, but
new facts have come to light since the security
classification of military documents from the time of
the war has been removed.
Argentina is seeking support from the IMF
May 8
Argentina seeks help from the IMF to avert an acute
economic crisis. Finance Minister Nicolas Dujovne
travels to Washington to negotiate a loan. According to
President Macri, high oil prices and concerns about an
expected interest rate hike in the United States have
hit the Argentine economy. The decision raises a lot of
criticism, as many Argentines blame the IMF for the deep
economic crisis that the country suffered around the
turn of the millennium.
Argentina raises the key rate to 40 percent
May 4th
Argentina's central bank raises the key rate by
almost 7 percent to 40 percent. This is the third time
in just over a week that the bank has raised its
interest rate level (from just over 27 percent). The
measure is taken to counteract the fall in prices of
people who have lost a quarter of their value in the
past year. In 2017, prices rose by 17 percent, in Latin
America only Venezuela had higher inflation. According
to estimates, prices have risen by just over 25 percent
so far in 2018.
January
Every fourth department employee is dismissed
January 29th
President Macri announces that every fourth employee
in the ministries will be terminated and no government
employees will receive any salary increases in the
coming year. This is expected to result in savings of $
77 million. At the same time, the president is imposing
a ban on ministers to employ family members in the
ministries and large state corporations. This includes
those who already have employment. Among those who are
allowed to go are Labor Minister Jorge Triaca's wife and
two of his sisters, as well as Home Minister Rogelio
Frigerio's father and wife. In opposition, Macri
Fernández de Kirchner criticized the brother-in- law and
friendship corruption, but he himself has been
criticized for letting top jobs go to people close to
him.
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