Export Duty Reduction Applicable to Grains and Subproducts
Decree No. 423/2026 (hereinafter, “Decree 423”), published on the Official Gazette on 06/03/2026 and in force as from 6/04/2026, reduces export duties applicable to grains and subproducts as follows:
- Wheat, barley, malt (grains/seeds and by-products): reduction of up to 2 percentage points from the effective date of Decree 423 (Annex I).
- Soy, corn, sunflower, and sorghum (grains/seeds and by-products): gradual reduction between January 2027 and December 2028 according to the schedule provided there, applicable according to the shipping date declared in the Sworn Statement of Export Sale (“DJVE”) (Annex II)
- Soy and its derivatives: the schedule contemplates a decrease of 0.25 percentage points per month starting in January 2027 and 0.5 percentage points per month starting in January 2028, applicable according to the shipping date declared in the DJVE (Annex II).
- Biodiesel made from alternative oils, such as safflower, rapeseed, carinata, and camelina: reduction to 0% (Annex III)
- Biodiesel not included in the previous point: reduction schedule of 0.25% monthly starting in January 2027 and 0.50% monthly starting in 2027.
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For further information, please contact Gastón Miani or Andrea Callegari.
“Grupo GEP Colservice I” Financial Trust for AR$ 16,050,426,390
Deal counsel in the issuance and placement in Argentina of trust securities for AR$ 16,050,426,390 issued under the “Grupo GEP Colservice I” Financial Trust, in which Colservice S.A. de Ahorro para Fines Determinados acted as trustor, collection agent and residual beneficiary, TMF Trust Company (Argentina) S.A. acted as trustee, Eco Valores S.A. acted as arranger and Banco De Galicia Y Buenos Aires S.A. and Eco Valores S.A. acted as placement agentes.
AySA Tender and Privatization Process
Within the framework of the privatization of Argentine Water and Sanitation Corporation S.A. (“AySA”), pursuant to Law No. 27,742 (the “Foundations Law”) and Decree No. 494/2025, the Ministry of Economy published Resolution No. 704/2026, authorizing the call for national and international public tender offers for the acquisition of ninety percent (90%) of AySA’s shares held by the National Government (the “Tender”), and approved the Bidding Terms and Conditions (the “Tender Documents”).
The remaining ten percent (10%) of the share capital is owned by the company’s employees participating in the Participated Ownership Program (Programa de Propiedad Participada) governed by Law No. 23,696.
Moreover, on April 27, 2026, the Ministry approved, through Resolution No. 543/2026, the form of concession agreement to be entered into between the National Government and AySA (the “Concession Agreement”).
The main aspects of the Tender and the Concession Agreement are as follows:
1. Purpose of the Tender
The Tender seeks to transfer 90% of AySA’s share capital held by the National Government and to appoint a new operator under a long-term concession scheme.
2. Preliminary Tender Schedule
The Tender’s preliminary schedule provides that bids must be submitted by August 27, 2026, at 10:00 a.m., and that inquiries may be submitted until August 12, 2026, at 10:00 a.m.
3. General Terms of the Tender
The Tender is a national and international multi-stage process, requiring bidders to submit their bids in two envelopes. The first envelope will contain documentation proving compliance with legal, financial, and technical requirements, while the second envelope will contain the economic offer.
The offer shall consist of a bid submitted by individuals or legal entities, whether individually or jointly, duly registered in the Contrat.Ar system, and shall include a bid maintenance guarantee in the amount of USD 25,000,000. The successful bidder must incorporate a local corporation, acting as Strategic Operator, prior to the execution of the share purchase agreement.
The Tender will be awarded to the bidder who complies with the legal, financial and technical requirements and has submitted the highest economic offer in US dollars. In the event that the bids of two or more bidders are identical, they will be requested to improve their bids.
4. Form of Concession
The form of concession agreement provides for a 30-year term, renewable once for an additional 10 years subject to compliance with AySA’s obligations and establishes a tariff regime based on ordinary and extraordinary tariff reviews, periodic adjustments, and recognition of operating costs, investments, and cost of capital. The agreement also requires AySA to grant performance guarantees linked to pending investments and authorizes the assignment, as security, of credit rights arising under the Concession Agreement in favor of creditors.
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For further information, please contact Nicolás Eliaschev, Javier Constanzó, Daiana Perrone, Milagros Piñeiro, Macarena Becerra Martínez, Nair Ivanoff Ravnensky, Victoria Barrueco, Sol Villegas Leiva, María Paz Albar Díaz, Manuel Crespi, or Fermín Bartos.
New Regulation for Natural Gas Distribution Projects
On April 27, 2026, the National Gas Regulatory Authority (“ENARGAS”, by its acronym in Spanish) issued Resolution No. 435/2026 (“Resolution 435”), approving a new regulatory framework for authorizations under section 16 of Law No. 24.076 –referred to the construction of large-scale works carried out by gas transportation and distribution companies– (the “Rules”). In this regard, Resolution 435 supersedes the previous rules, issued by the ENARGAS through Resolution No. I 910/2009 (“Resolution 910”).
The main changes introduced by the Rules are as follows:
Resolution 435 enables the use of an ENARGAS web-based application for the submission of authorization and submission forms within the project approval process. The same system will be used for uploading technical information that must subsequently be notified to ENARGAS.
The Rules classify projects as “Large‑scale” or “Non‑Large‑scale”. The latter category expands the range of projects exempt from prior authorization, maintaining the general structure of the previous framework, by including isolated facilities within the system, such as pressure‑reducing plants, metering stations, odorization facilities and scraper traps. It also extends to thirty (30) calendar days the deadline for distribution companies to respond to requests from sub‑distributors or third parties regarding their priority to carry out the construction, as well as the operation and maintenance, of the project.
Moreover, Resolution 435: (i) introduces the contracting party as a financing party, (ii) requires increased transparency regarding economic viability, and (iii) replaces the previous scheme with a new digital system.
Another change introduced by Resolution 435 relates to the time limit for notifying ENARGAS of the suspension or halt of projects. The Rules do not establish a specific deadline; instead, they require the distribution company to inform ENARGAS of the project’s status and the reasons underlying such situation. At the same time, the Rules grant ENARGAS the authority to revoke project authorizations where (i) the project has not been initiated by the authorized entity, (ii) any delays have not been duly justified, and (iii) a third party expresses interest in continuing the project.
The Rules maintain the obligation to preserve the compensation granted to the contributing user until it is fully exhausted, while extending the period for the incorporation of new beneficiaries from two (2) to ten (10) years.
Sub-Annex I of the Rules introduces new requirements applicable to authorization requests, including the submission of a supply feasibility confirmation by the transporter/distributor and authorization to connect to its systems, together with information on gas availability for the project. It also reduces the project evaluation horizon from thirty-five (35) to ten (10) years, thereby modifying a key parameter of the economic analysis.
The criteria for justifying contributions in non-viable projects remain in effect, as set forth in Resolution 910, but now include additional procedural requirements. Sub-Annex V of the Rules introduces a mandatory web-based application, replacing the individual cash flow models. It also replaces the use of average costs derived from tariff margins with actual marginal costs based on affidavits submitted in accordance with Resolution No. 1976/2000.
Lastly, applications submitted prior to the entry into force of Resolution 435 will continue to be governed by the rules set forth in Resolution 910 and its complementary regulations.
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For more information, please contact Nicolás Eliaschev, Javier Constanzó, Milagros Piñeiro, and/or Fermín Bartos.
Privatization of Belgrano Cargas y Logística S.A.: Provisions Applicable to the Sale of Rolling Stock
On April 28, 2026, in connection with the privatization of Belgrano Cargas y Logística S.A. (“BCyL”), which was initiated by Resolution No. 1049/2025 (“Resolution 1049”) of the Ministry of Economy, pursuant to the authorization granted by Decree No. 67/2025 (See our comments here), the National Executive Branch issued Decree No. 282/2026 (“Decree 282”)
Decree 282 establishes that resources obtained from the sale of the rolling stock included in the concession process of the railway lines and adjacent real estate of General Belgrano, General San Martín and General Urquiza Lines (“Lines”), shall be assigned to the Transport Infrastructure System Trust Fund (“Trust”)
In this regard, the Ministry of Economy was instructed to allocate the relevant proceeds to the Trust account opened under Resolution 1049, execute any necessary amendments to the trust agreement, and issue any supplementary implementing rules. It was also entrusted with determining the sale price of the rolling stock, which may not be lower than the valuation issued by the National Valuation Tribunal in connection with the BCyL privatization process.
Decree 282 also instructed the Secretariat of Transport to identify the rolling stock to be included in the track concession processes for the Lines, in accordance with the applicable tender documents.
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For additional information, please contact Nicolás Eliaschev, Javier Constanzó, Juan Pablo Bove, Paula Cerizola, Macarena Becerra, Cristian Bruno, Manuel Crespi, Nair Ivanoff Ravnensky, and/or Fermín Bartos.
Municipality of Río Cuarto’s Series XL Treasury Notes Issuance for AR$6,500,000,000
Legal counsel to the Municipality of Rio Cuarto, as issuer, Banco de la Provincia de Córdoba S.A., and Puente Hnos. S.A., as arrangers and placement agents, and, Banco de Galicia y Buenos Aires S.A., Macro Securities S.A.U., Banco de Servicios y Transacciones S.A.U., Facimex Valores S.A., Global Valores S.A., One618 Financial Services S.A.U., Balanz Capital Valores S.A.U., and ST Securities S.A.U. as placement agents in the issuance of Municipality of Río Cuarto’s Series XL Treasury Notes (the “Treasury Notes”), under the Municipality of Río Cuarto’s 2026 Treasury Notes Issuance Programme.
The transaction closed on April 24, 2026, and the Treasury Notes are secured by the Municipality's credits for contributions levied on commercial, industrial and service companies’ activities, and subsidiarily by the resources derived from the Federal Co-participation Regime. The Treasury Notes were issued for AR$ 6,500,000,000 at an annual floating interest rate equivalent to Tamar plus 6.43%, due on April 24, 2027.
RIGI – Changes to the Criteria for “Long-Term” Investments
On April 13th, 2026, the Ministry of Economy published Resolution 484/2026 (“Resolution 484”), which modifies the ratio required for an investment to qualify as long-term under the Large Investments Incentive Regime (“RIGI”), created by Law No. 27,742 (“Foundations Law”) and regulated by Decree 749/2024 (see our prior comments here, here and here).
Under Article 172(2) of the Foundations Law, a RIGI investment qualified as long-term only if the ratio between (i) the expected net present value of cash flows (excluding capital expenditures) for the first three years from the initial capital outlay, and (ii) the net present value of planned investments for the same period, did not exceed 30%. The article also authorized the competent authority to modify this ratio for all RIGI sectors simultaneously, provided the change preserves the regime’s focus on long-term investment stability.
With Decree 105/2026 (see our comments here), the exploitation and production of new onshore liquid and gaseous hydrocarbon developments were included within the oil and gas sector. Given their investment profile and capital recovery structure, unconventional developments may exhibit accelerated initial returns exceeding the previous 30% threshold. A higher ratio is therefore needed to preserve the long-maturation criterion.
Accordingly, Resolution 484 raises the maximum ratio under Article 172 of the Foundations Law from 30% to 35%. Although the inclusion of new hydrocarbon activities prompted the change, the revised threshold applies to all sectors within the scope of the RIGI.
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For further information, please contact Nicolás Eliaschev, Javier Constanzó, Daiana Perrone, Milagros Piñeiro, Macarena Becerra Martínez, Rocío Valdez, Victoria Barrueco, Sol Villegas Leiva, María Paz Albar Díaz, Manuel Crespi, Nair Ivanoff Ravnensky, and/or Fermín Bartos.
New Regulation on Expansions of Power Transmission System Capacity through Public Works Concessions
On April 7, 2026, the Secretary of Energy published Resolution No. 83/2026, which incorporates a new section into the expansions of power transmission regulatory framework “Expansions through Public Works Concessions (Law No. 17,520)” pursuant to the provisions of Resolution No. 715/2025 of the Ministry of Economy (“Resolution 715”) and Resolution No. 311/2025 of the Secretary of Energy (“Resolution 311”) (see our comments on these regulations here and here).
Expansions to be carried out under the regime of the Public Works Concessions Law No. 17,520 (the “PWC Expansions”) are aimed at enabling transmission works that are essential to mitigate the risks associated with supply constraints in the Argentinean Interconnection System and to promote private investment.
The new mechanism shall be implemented by successful bidders under public tenders called by the Secretary of Energy, who shall enter into public works concession agreements (the “PWC Agreements”) and act as concessionaires.
Concessionaires remuneration shall be paid directly by the dispatching authority and includes: (i) a monthly remuneration to recover the investment, which may be funded through tariffs charged to WEM users identified as beneficiaries of the relevant expansion and is awarded the same priority level as existing high-voltage transmission service providers under the WEM regulations (i.e. highest priority payment within the WEM payment waterfall); and (ii) an operation and maintenance rate, determined by the regulatory body, once commercial operation of the relevant expansion is achieved.
The next step for the transmission expansion plan is the call for the public tenders envisaged for the works identified in Resolution 311: “AMBA I”, “500 kV Río Diamante – Charlone – O’Higgins Line” and “500 kV Puerto Madryn – Choele Choel – Bahía Blanca Line”.
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For further information, please contact Nicolás Eliaschev, Javier Constanzó, Daiana Perrone, Milagros Piñeiro, Macarena Becerra Martínez, Rocío Valdez, Victoria Barrueco, Sol Villegas Leiva, María Paz Albar Díaz, Manuel Crespi, Nair Ivanoff Ravnensky and/or Fermín Bartos.
Legal Advice in the Mandatory Tender Offer of Celulosa Argentina S.A.
Legal counsel to Esteban Antonio Nofal, as purchaser, in the structuring and implementation of the mandatory tender offer (“Tender Offer”) for control of Celulosa Argentina S.A. (the “Company”), within the framework of the acquisition of control of the Company.
The transaction involved the indirect acquisition of 41% of the Company’s share capital and voting rights through the purchase of 100% of Tapebicua LLC, as well as the direct acquisition of an additional 4.48% of the Company’s share capital and voting rights. The transaction took place in the context of the Company’s insolvency proceedings, aimed at restructuring an approximate US$ 128 million debt.
As part of the change of control, the purchase price for the acquired shares was US$ 1 for the entire share package, which also included the release of certain guarantees granted by the selling shareholders in favor of the Company’s creditors.
The Tender Offer was carried out in accordance with the Capital Markets Law and the regulations of the Comisión Nacional de Valores (“CNV”), involving regulatory, corporate and capital markets aspects, including coordination with regulatory authorities and implementation through the custody system of Caja de Valores S.A.
Regarding the equitable price of the Tender Offer, the CNV resolved to exempt the purchaser from the obligation to consider the average trading price of the shares during the preceding six-month period, in light of the Company’s financial distress. Accordingly, the price was determined based on the highest price paid by the purchaser in the twelve months prior to the change of control, also taking into account the value of the released guarantees.
The offer was supported by a special report issued by independent auditors Lisicki Litvin Auditores S.A., and secured by a performance guarantee in the form of a surety bond provided by Sancor Cooperativa de Seguros Limitada.
The Company’s shares are listed on Bolsas y Mercados Argentinos S.A. (“BYMA”).
Banco del Sol S.A. 5,439,359 UVAs Subordinated Series 1 Notes Offering
Counsel to Banco del Sol S.A. in the issuance of 2% Series I Subordinated Notes for 5,439,359 UVAs (Unidades de Valor Adquisitivo) due March 11, 2032, issued under the Notes Program for an amount up to US$ 300,000,000. The Notes were issued in accordance with the regulations set forth by the Argentine Comisión Nacional de Valores and the regulations issued by the Banco Central de la República Argentina for tier 2 capital.
Banco del Sol S.A. and Allaria S.A. acted as placement agents. Banco del Sol S.A. also acted as arranger and settlement agent of the issuance.