April 11 Argentina's President Mauricio Macri
campaigned on a promise to enact business-friendly reforms to
attract foreign investment and spur economic growth after a
decade of populist rule left multinational firms sidelined.
Since he took office in December 2015, foreign companies
have announced new investment plans worth about $33 billion in
Argentina, with most coming from companies based in the United
States, Germany, Canada, Spain and Brazil.
Total investment, including local companies and joint
investments between Argentine and foreign companies, has totaled
$58.6 billion, according to Argentina's Trade and Investment
Local consultancy Abeceb says the country will need
investment to grow by at least $9 billion annually between 2018
and 2021 to guarantee sustainable growth.
Below is a list of investments worth $1 billion or more
announced by foreign companies since December 2015:
The German engineering group plans to invest and provide
financing for $5.6 billion in infrastructure, mobility and
energy management over four or five years. Siemens would not
itself invest the full amount of money, with some coming from
DOW CHEMICAL CO
The U.S. chemical company has said it will invest $2 billion
in oil and gas projects with Argentina's state-owned oil company
YPF SA. A December 2015 plan to invest between $400
and $500 million in shale exploration in the Vaca Muerta play
was the first major investment announcement of Macri's term.
The Argentine energy company, partially owned by China's
CNOOC Ltd, will invest $1.5 billion to expand its
local Campana refinery, Thomson Reuters publication Project
Finance International reported in May.
BANCO SANTANDER SA
The Spanish bank said in November 2016 it would invest 20
billion pesos ($1.26 billion) toward modernizing branches,
opening new ones, improving technology and building a new
corporate office building. (bit.ly/2hxiPuI)
ROYAL DUTCH SHELL PLC
The Anglo-Dutch oil major said in September 2016 it planned
to invest $300 million a year in Argentina through 2020 in
exploration as well as refining, distribution and marketing. The
company has been active in exploring Vaca Muerta.
The Brazilian miner said in April 2016 it would invest $1.5
billion to restart its Rio Colorado potash mine, which had been
closed since 2012. (clar.in/2hNuinR)
PAN AMERICAN ENERGY LLC
The unit of BP PLC said it would invest $1.4 billion
in exploring and producing Argentina's conventional and
unconventional energy reserves.
The U.S. soft drink maker said in January 2016 it would
invest $1 billion over four years in its bottling and
($1 = 15.8540 Argentine pesos)
(Reporting by Luc Cohen; Editing by Bill Trott)