The national government announced the approval of a new project under the Large Investment Incentive Regime (RIGI): the construction of a multipurpose port in Timbúes, Santa Fe, (neighboring San Lorenzo/Puerto San Martín port) on the banks of the Paraná River, with an investment of USD 277 million.

With the inclusion of this initiative, the program now has nine approved projects, and the total approved investment rises to USD 24.8 billion, according to a statement issued on Wednesday by the Minister of Economy, Luis Caputo, through his official account on X.

“The Evaluation Committee approved the ninth RIGI project: a new port in Timbúes (Santa Fe) on the Paraná River. With an investment of USD 277 million, it will store fertilizers, iron minerals, steel products, grains, and fuels, strengthening the Paraná Waterway and its key role for Argentine agriculture and industry. With this project, total approved investments under the RIGI framework amount to USD 24.8 billion,” Caputo wrote.

Since October 22, 2024, 22 projects have been submitted, totaling USD 35.563 billion.

The RIGI incentives that attract foreign companies include:

• Reduction of the Income Tax from 35% to 25%,
• Exemption from export duties,
• The ability to credit VAT during the pre-operational phase, and
• Access to international arbitration in case of legal disputes.

The Rosario Stock Exchange (BCR) noted that the energy and mining sectors account for nearly all projects submitted to the program, representing a combined 98% of the total.

Approved Projects

1. YPF: The state oil company is building “El Quemado”, a solar park in Mendoza Province. The plan, requiring USD 211 million, involves two phases: the first will add 200 MW, followed by an additional 105 MW.
2. YPF, together with Pan American Energy (PAE), Vista, Pampa Energía, Pluspetrol, and international companies Chevron and Shell: The Vaca Muerta Sur project involves an initial investment of USD 2.486 billion, potentially reaching USD 3 billion. It will build the necessary infrastructure in Neuquén and Río Negro to double Argentina’s oil exports in the next two years. The pipeline could handle up to 700,000 barrels per day, equivalent to USD 17 billion at a barrel price of USD 68.
3. Southern Energy – owned by Pan American Energy (PAE) and Golar LNG: They will install a barge in the Gulf of San Matías, Río Negro, to produce Liquefied Natural Gas (LNG). The investment is approximately USD 2.9 billion over the next 10 years, reaching USD 6.878 billion over the project’s expected 20-year lifespan.
4. Rio Tinto: Announced an investment of USD 2.724 billion to expand the Rincón Lithium project in Salta Province. The plan aims to increase production capacity to 60,000 tons per year of battery-grade lithium, including the construction of a processing plant.
5. Sidersa: Will invest USD 296 million to build a state-of-the-art steel plant in San Nicolás, Buenos Aires Province, with an annual capacity of 360,000 tons of long steel products. The goal is to produce “green steel” using new, more environmentally sustainable machinery. It will create over 300 direct jobs and 4,000 indirect jobs.
6. PCR and Acindar: Will build a new wind farm in Olavarría, requiring USD 255 million.
7. Minera Galán Lithium: The Hombre Muerto Oeste (HMW) project, located in Catamarca Province, involves an investment of USD 217 million for the production of high-quality lithium chloride. By 2029, associated exports are expected to reach USD 180 million annually.
8. Los Azules Project: Led by McEwen Copper, this mining project focuses on the exploration and exploitation of copper in San Juan Province. It is estimated to require USD 2.672 billion.