Weekly Update

The “Plan for the Promotion of Argentine Natural Gas Production” (GasAr Plan) was launched; it was
already announced by President Alberto Fernández back in October at Vaca Muerta. This plan seeks to
guarantee the gas supply of gas for the winter 2021 and a saving of more than USD 9 billion, increasing
the gas production by about 30 billion cubic meters in 4 years. The Argentine state-owned petroleum
company (YPF for its acronym in Spanish), the country’s largest oil and gas producer, drilled a well with 63
fracturing stages in an area of Vaca Muerta. With that milestone, YPF took the design of the completion of
wells in the unconventional formation of the Neuquina basin to a new level.

The Argentine government launched its thirtyyear mining development program at the beginning of
November. Despite of the largescale investments required and the resistance from environmental groups,
a dozen projects are currently on the horizon such as lithium, gold, silver, and copper, which are the main
products that foreign companies will seek to extract from Argentine soil.

The Argentine state-owned petroleum company (YPF for its acronym in Spanish), and the Canadian
company Nutrien will soon begin the works of the project to construct a new urea plant in the city of Bahía
Blanca. The aim of the project is to double the installed urea production capacity. The projected
investments will be of approximately US $1.2 billion, which could increase the plant’s production to 2.7
million tons per year.

The Argentine Province of Córdoba approved a law to promote the production and consumption of
biofuels. The parliamentary initiative of the provincial government aims to industrialize the processes and
value chains of biomaterials, generating sustainable employment, solving environmental liabilities and
betting on technological innovation and research associated with the bioeconomy of knowledge.

Via Decree 894/2020, which was published November 18, 2020 in the Official Gazette, the Government
promulgated Law 27571 that approves the entry of Argentina, as a non-regional member, to the Asian
Infrastructure Investment Bank (BAII). In this way, the Executive Branch endorsed the approval of the
Foundation Agreement of the BAII signed on June 29, 2015 by its founding members in Beijing, People’s
Republic of China. The Central Bank is authorized to make, in the name and on behalf of the Argentine
Republic, the payments that are necessary to meet the commitments arising from the Agreement.
Likewise, it will be the depositary of the BAII.

President Alberto Fernández announced investments for US $ 187 million in the meat sector, allowing the
increase of sales of said product abroad. The company Frigorífico Rioplatense will destinate US $ 30
million for infrastructure, in different stages until 2022, to achieve a five-fold increase in the production
capacity of frozen meat per day and almost double the amount of exports. China, Australia’s largest
trading partner partner, recently suspended a significant volume of Australian import products, including
beef, timber and barley; regarding the latter, Argentina will sell 250,000 tons to China during 2020, given
the imposed tariffs of 80.5% on Australian barley. Furthermore, Argentina is expected to export to China
the record figure of 380,000 tons during 2021. According to the information from the Argentine Institute of
Statistics and Censuses (INDEC for its acronym in Spanish), the barley represented 1.6% of the country’s
total exports during last year. In real values, it reached US $ 1,029 million.