Russia pledges $2bn to Argentina’s energy sector

Presidents Putin and Kirchner (Argentina)Argentina’s energy sector got a boost this week with the announcement that Russia was to invest $2bn in the construction of a new hydroelectric dam on the Neuquen River in Patagonia. It was also revealed that Rosatom was discussing the possibility of building another reactor at the Atucha nuclear power complex.
The pledge of support for the dam was made public shortly after Argentine President Cristina Fernandez held a video conference with President Vladimir Putin, during which the two leaders also discussed the importance of strengthening economic ties.
Relations between Buenos Aires and Moscow have improved in recent years, with Argentina abstaining on last year’s UN resolution which called on member states not to recognize Crimea’s reunification with Russia. In return, Russia has been supportive of Argentina’s claim against the UK for sovereignty over the Falkland/Malvinas Islands.
Argentina has been running an energy deficit since 2011, and last year announced that it was to invest $1.6bn in the Patagonia’s 1,000ft thick Vaca Muerta shale oil and gas field, with the state-run YPF energy company estimating that it will cost up to $200bn over the next ten years to fully develop what has been described as Argentina’s winning “geological lottery” ticket and to secure energy independence.

Source: telesurtv