Infrastructure

Call for bids for the concession of the Paraná-Paraguay Waterway

In 2021, Decree 949/2020 empowered the Ministry of Transport to call for and award the tender for the public works concession for the modernization, expansion operation and maintenance of the signaling system and dredging and redredging tasks (the “Tender” and the “Concession”, respectively) of the waterway between kilometer 1238 of the Paraná River and the Natural Deep Water Zone in the outer Río de la Plata (the “Waterway”).

Subsequently, given the imminent expiration of the awarded concession contract, the General Port Administration S.E. took over the Concession for a 12-month period, which was extended until a new concessionaire was awarded. Provision 34/2024 of the Ports and Waterways Subsecretary called for a public tender for the selection of the new concessionaire, but it was cancelled after receiving only one bid.

In this context, after a public hearing and the submission of comments by the interested parties, Resolution 67/2025 (“Resolution 67”) of the Argentinean Ports and Waterways Agency (“ANP” for its Spanish acronym) called for a new Tender and approved its general terms and conditions and technical specifications (the “Tender Documents”).

The most relevant aspects of the call are detailed below:

1. Tender Schedule

1. Deadline for submitting questions regarding the Tender Documents: January 28, 2026, at 11:59 p.m.
2. Deadline for submitting bids: February 27, 2026, at 1:00 p.m.
3. Opening of Envelope No. 1: February 27, 2026, 1:00 p.m.

2. General Conditions of the Tender

The Tender is a multi-stage tender, which requires bidders to submit their bids in three envelopes: the first for documentation proving compliance with the legal requirements, the second for the technical memorandum and a works plan, and the third for the financial bid, which must include the pricing sheet for Stages 0, 1 and 2.

3. Submission of Bids

Bids must be submitted exclusively through the Contrat.Ar platform, for which interested parties must be previously registered in the category “State Co-contractors,” subcategory “Concessionaire Law No. 17.520” in accordance with Provision 84/2024 of the National Contracting Office and Resolution 35/2024 of the Deputy Executive Chief of Staff.

4. Participation and Special Requirements

As a condition to participate, bidders must be legal entities, either domestic or foreign, with the power to enter into legal obligations in Argentina. These entities may participate individually or in associations, but cannot choose both options or participate in more than one.

Legal entities directly or indirectly controlled by sovereign states or state agencies, as well as temporary joint ventures, among others, are excluded from the Tender.

If awarded, bidders must establish a special purpose vehicle with an equal or greater term than the Concession’s maximum. In addition, it must prohibit any change in ownership that affects its control.

5. Economic Requirements

Bidders must prove compliance of the following financial requirements:

1. Total net assets greater than US$ 300,000,000;
2. Minimum turnover greater than US$ 450,000,000, in all respects;
3. Solvency factor greater than 1.40;
4. Liquidity factor greater than 0.9;
5. Debt ratio less than 2.5; and
6. An average annual turnover from dredging activities greater than US$ 300,000,000 and minimum profitability of US$ 30,000,000 for all activities.

6. Experience Requirements

Bidders must have experience in dredging works in ports and channels for the improvement and maintenance of navigation conditions, conducted with their own equipment, which must exceed a volume of 1,000,000 m3 of removed materials. These works must have been made in waterways that allow the navigation of vessels with a depth of more than 8 m.

Only records dating from after 2016 will be taken into account. In the case of associations, only the records of the member with a share of forty percent (40%) or more will be considered.

In particular, bidders are required:

1. Total dredging volume of not less than 15,000,000 m3;
2. Monthly dredging volume exceeding 500,000 m3, excluding backfilling or filling, with own equipment with a draft of less than 8.5 m;
3. Experience in the implementation or maintenance of signaling systems;
4. To have six suction dredgers built after 1994, with a maximum draft of 8.5 m and an installed onboard power of no less than 4,000 kW. In addition, the combined hopper capacity of four of the dredgers must not be less than 20,000 m3.
5. Emissions rating and ISO 9001, 14001, and 45001 certifications.

Bidders must appoint a technical representative, who will represent the Concessionaire before the National Executive Branch and the ANP (the “Issuing Authority”) and receive service orders. This person must be a civil or port engineer and must demonstrate experience in positions related to the organization, management, inspection, and/or technical representation of dredging works in Argentina.

7. Technical Memorandum

Bidders must submit a technical report and a work plan indicating the tasks to be performed, the volumes to be removed, and the dredgers to be used in each sector and for each task.

The descriptive report of the tasks to be performed must include, among other information, the mobilization and demobilization plans, the delivery plan, minutes and transfer of the concession and equipment, stages, and expected deadlines.

The work plan and program must include the general proposal for dredging, signaling, technification, and spill response.

8. Financial Offer

The financial offer shall consist of the transport tariff for the segments between the Paraná and Río de la Plata rivers, for each of the Concession’s stages.

Furthermore, the bidder must submit:

1. The financial plan for the concession, stating the expected income and expenses;
2. A financing commitment for a minimum amount equivalent to 50% of the total investments foreseen for the works;
3. Estimated price for the dredging service for port access.

9. Bid Bond

As a condition of validity of their bids, bidders must include a bid bond of US$ 20.000.000, for a period equal to the bid validity term, including any possible extensions.

10. Award

The contract will be awarded to the bidder who, after successfully passing envelope 1’s evaluation, obtains the highest scores out of a total of 200 points, taking into account both their technical (envelope 2) and financial (envelope 3) proposals.

11. Main Characteristics of the Contract

The concession contract consists of the modernization, expansion, operation, and maintenance of the signaling system, dredging and redredging tasks, and maintenance of the Waterway. It will have a term of 25 years, which may be extended for an additional period not exceeding 20% of the original term.

The concession is divided into the following three stages:

1. Stage 0: it will last for one year from the date of takeover, during which maintenance and improvements to the signaling system must be carried out. In addition, the bidder must submit the necessary documentation for the execution of the dredging works in Stage 1.
2. Stage 1: upon approval of the documentation, the concessionaire shall perform the works corresponding to Stage 1, consisting of: (i) widening of the Brown Channel and (ii) deepening and adaptation of the riverbed of the Paraná Bravo and Paraná Guazú rivers. During this stage, the concessionaire must submit the necessary documentation for the execution of the works in Stage 2.
3. Stage 2: begins with the submission of the relevant documentation and extends throughout the execution of the Stage 2 dredging works until the end of the Concession.

12. Contractual Guarantees

12.1. Contract Performance Guarantee

A guarantee of US$ 40,000,000 must be provided in favor of the Issuing Authority to secure the contract.

12.2. Special Guarantee

The concessionaire must also provide a guarantee in the amount of US$ 35.000.000 to secure the obligation to settle the outstanding debt with current creditors of the Waterway.

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For more information or inquiries on this matter, please contact Nicolás Eliaschev, Javier Constanzó, Daiana Perrone, Macarena Becerra Martínez, or Manuel Crespi.

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Call for bids for the concession of the South, Atlantic, South Access, and Pampa sections of the Federal Concession Network – Stage II

The company Corredores Viales S.A. was declared subject to privatization under Article 7^th of Law 27.742 on Foundations and Starting Points for the Freedom of Argentineans. The privatization procedure was authorized by Decree 97/2025.

Within this framework, Resolution 29/2025 of the Ministry of Economy called for a multi-stage national and international public tender N° 504-0007-LPU25, corresponding to Stage I, comprising the eastern sections and connection (the “Stage I Tender.” See our comments here).

On November 20, 2025, the Ministry of Economy published Resolution 1843/2025, authorizing the call for the National and International Multi-stage Public Tender 504-0013-LPU25 for the concession of the Southern, Atlantic, Southern Access, and Pampa sections of the “Federal Concession Network - Stage II” (the “Stage II Tender”). The call for tenders includes the approval of the general and specific terms and conditions, technical specifications, and the concession contract model (the “Tender Documents”).

The most relevant aspects of the call are detailed below:

1. Stage II Tender Schedule

1. Deadline for submitting questions regarding the Tender Documents: January 21, 2026, at 1:00 p.m.
2. Deadline for submitting bids: February 6, 2026, at 12:00 p.m.
3. Opening of Envelope No. 1: February 6, 2026, 1:00 p.m.

2. General Conditions of the Stage II Tender

The Stage II Tender is a multi-stage tender, so bidders will submit their bids in two envelopes: the first containing the documentation proving compliance with the legal requirements, while the second will contain the financial bid.

In turn, Stage II of the tender is divided into two lines:

1. Line 1: South, Atlantic, and South Access sections; and
2. Line 2: Pampa section.

3. Submission of bids

Bids must be submitted exclusively through the Contrat. Ar platform, for which interested parties must be previously registered in the category “State Co-contractors,” subcategory “Concessionaire Law No. 17.520” in accordance with Provisions 84/2024 and 29/2025 of the National Contracting Office (the “ONC”).

4. Participation and special requirements

As a condition for participation, bidders must meet the requirements set forth in Provisions 84/2024 and 29/2025 of the ONC.

If the bidder is composed of two or more persons, all of them shall be jointly and severally liable until the concession contract is signed.

Bidders must designate a member who must hold a minimum 30% stake in the bidder's voting capital, which must, in turn, be a majority of the voting rights (the “Principal Member of the Bidder”).

If awarded the contract, the bidder must form a corporation whose corporate purpose shall be limited to the performance of the concession contract and whose term shall be three years longer than the maximum term of the contract. In addition, the Principal Member of the Bidder must maintain the same shareholding in said corporation as in the bidder.

5. Financial offer

The financial offer shall consist of the amount in pesos (excluding VAT) requested as a toll rate for category 1 with the TelePase system (vehicles with up to 2 axles and up to 2.30 m in height and without dual wheels) for each section, with the option of choosing one of the following modalities:

1. Toll lower than the maximum rate, for a concession term of 20 years;
2. Toll equal to the maximum rate, for a concession term of between 20 and 30 years.

The maximum rate for line 1 is $3,305.79 for the South and Atlantic sub-sections, and $1,652.89 for the South Access sub-section.

The maximum rate for line 2 (Pampa section) is $3,388.43.

The financial bid must also include the internal rate of return expected by the bidder if awarded the contract, which may not exceed 15%. The IRR will be used as a parameter for restoring financial equilibrium and in cases of early termination of the concession contract.

In addition, bidders may consider a discount in their financial bids if they are awarded both items.

6. Bid bond

As a condition of validity of their bids, bidders must include a bid bond enforceable on first demand, valid for 120 calendar days from the opening of the envelopes corresponding to the first stage, for the following amounts:

1. Item 1: $8,700,000,000;
2. Item 2: $1,360,000

For the purposes of establishing the guarantees listed above, the following means shall be accepted: (i) bank deposit; (ii) bank guarantee; (iii) standby letter of credit; (vi) surety insurance; (v) bank deposit in Acquisition Value Units (“UVA”).

7. Purpose of the concession

The purpose of the concession contract is:

1. The execution of works on the concessioned section;
2. The preparation of executive projects for works to be executed in the federal concession network;
3. The administration and operation of the concessioned sections through tolls; and
4. The execution of complementary operations.

8. Concession Revenue

The concessionaire shall receive revenue from: (i) tolls to be paid by users; (ii) the operation of service areas, complementary services, and remaining properties; and (iii) any other revenue related to the concession.

9. Main characteristics of the contract

The concession contract is entered into between the National Government (Ministry of Economy through the Secretariat of Transportation) and the corporation formed by the successful bidder. The enforcement authority is the National Highway Administration.

1. Concession term: between 20 and 30 years, with the possibility of a two-year extension at the option of the grantor.
2. Economic and financial balance: In the event of a breach of the economic and financial balance, the parties shall initiate a renegotiation process with the aim of adopting the necessary measures to restore said balance. The measures to restore the balance may include modification of the term or the tariff, deferral of investments, or direct financial compensation through National Treasury funds.
3. Dispute resolution mechanism: (i) amicable negotiations; (ii) technical panel; and (iii) federal administrative courts based in the Autonomous City of Buenos Aires.

10. Contractual guarantees

10.1. Works guarantee

For line 1, the guarantee is $56,200,000,000, while for line 2, it is $11,700,000,000. Its value will be adjusted according to the rate update formula provided for in the Bidding Documents and must remain in effect until the completion of the works.

10.2. Contract performance guarantee

For line 1, the guarantee is $29,500,000,000, while for line 2, it is $8,000,000,000. The guarantee must remain in force until all obligations arising from the contract have been fulfilled, and the amount may be updated in accordance with the formula provided for in the Bidding Documents.

10.3. Form of constitution

The following will be accepted as means of constituting the guarantees: (i) bank deposit; (ii) bank guarantee; (iii) standby letter of credit; (vi) surety insurance; (v) bank deposit in UVA.

11. Rights of the concessionaire's creditors

In order to facilitate the obtaining of financing, the concessionaire may, with the prior authorization of the grantor, grant the following rights and guarantees in favor of financing entities:

1. Pledge, assignment, or fiduciary assignment of up to 70% of the rights arising from the concession contract; or
2. Pledge, assignment, or fiduciary assignment of its shares and/or economic and political rights.

In turn, the concessionaire's creditors may remedy the concessionaire's breaches to avoid termination of the concession agreement.

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For more information or inquiries on this matter, please contact Nicolás Eliaschev, Javier Constanzó, Daiana Perrone, Macarena Becerra Martínez, and/or Sol Villegas Leiva.

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Call for Bids for the Concession of the Eastern Section and the Connection Section of the Federal Concessions Network – Stage 1

On June 3^rd, 2025, the Ministry of Economy issued Resolution N° 29/2025, launching the National and International Public Tender for the concession of the Eastern and Connection Sections of the Federal Concessions Network – Stage 1 (the “Tender”). In addition, approval was granted for the general and specific terms and conditions, the general and specific technical specifications, and the draft concession agreement (collectively, the “Tender Documents”).

Below are the key aspects of the call:

1. General Conditions of the Tender

The Tender will follow a multi-stage process. Bids must be submitted through the Contra.Ar system, and the deadline for submission is August 5^th, 2025.

Each bidder may submit only one bid per section. No individual or entity, nor their affiliates or controlling companies, may participate in more than one bid for the same section.

2. Eligibility Conditions for Bidders

Eligible bidders include individuals or legal entities: (i) domiciled, headquartered, or registered in the Argentine Republic, or (ii) with main offices abroad and no local branch, provided they are registered in the Contrat.Ar System.

Prior to signing the concession agreement, the successful bidder must incorporate a corporation (sociedad anónima) whose sole corporate purpose will be to execute the concession agreement throughout its duration.

3. Economic Offer

The economic offer must consist of the toll amount the bidder proposes to collect if awarded the contract, calculated as of June 2025, and must not exceed the maximum tariff set for each section.

The tariff cap is ARS $ 3,057.85 for the Eastern Section and ARS $ 2,892.56 for the Connection Section. The Tender Documents establish the mechanisms for toll adjustments during the concession term.

Bidders may offer a toll below the maximum rate, in which case the concession term will be 20 years. Alternatively, bidders may offer the capped tariff, with a concession term not exceeding 30 years.

4. Bid Maintenance Guarantee

Each bidder must submit a bid maintenance guarantee, payable on first demand, valid for 120 calendar days from the opening of the envelopes of Stage 1.

Accepted forms for this guarantee include: (i) bank deposit; (ii) bank guarantee; (iii) stand-by letter of credit; (iv) surety bond approved by the Superintendence of Insurance of the Nation (Resolution No. 157/2025); or (v) deposits in Acquisition Value Units (UVAs).

The bid maintenance guarantee amount is ARS $ 3,600,000,000 for the Eastern Section and ARS $ 1,000,000,000 for the Connection Section.

5. Purpose of the Concession

The purpose of the concession agreement includes:

1. Execution of works on the concessioned section;
2. Preparation of executive projects for works to be carried out on the federal concessions network;
3. Toll-based administration and operation of the concessioned sections; and
4. Execution of complementary developments.

6. Concession Revenues

The concessionaire will receive revenue from: (i) tolls paid by users; (ii) the operation of service areas, complementary services, and residual properties; and (iii) any other income related to the concession.

7. Performance and Contract Compliance Guarantees

Upon signing the concession agreement, the concessionaire must provide the following guarantees:

7.1. Performance Guarantee

The amount is ARS $ 30,000,000,000 for the Eastern Section and ARS $ 4,000,000,000 for the Connection Section. This amount will be adjusted in accordance with the tariff update formula provided in the Tender Documents and must remain in effect until completion of the works.

7.2. Contract Compliance Guarantee

The amount is ARS $ 15,000,000,000 for the Eastern Section and ARS $ 2,000,000,000 for the Connection Section. This guarantee must remain in effect until all obligations under the contract are fulfilled and will be subject to adjustments as set forth in the Tender Documents.

7.3. Forms of Guarantee

The guarantees may be provided through: (i) a surety bond approved by the Superintendence of Insurance of the Nation (Resolution No. 157/2025); or (ii) deposits in UVAs.

8. Rights in Favor of Lenders

To facilitate project financing, the concession agreement allows the concessionaire, subject to the grantor’s prior authorization, to grant the following rights and guarantees in favor of financing entities:

1. Pledge, assignment, or fiduciary assignment of up to 70% of the rights arising from the concession agreement; or
2. Pledge, assignment, or fiduciary assignment of its shares and/or economic and political rights.

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For additional information, please contact Nicolás Eliaschev, Javier Constanzó, Daiana Perrone, Macarena Becerra Martínez, and/or Sol Villegas Leiva.

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Government moves forward with the privatization of Corredores Viales S.A.

On February 17, 2025, the Government took a significant step towards the privatization of Corredores Viales S.A., a state-owned company which currently manages a network of over 6,000 kilometers of roads, with the publication of Decree No. 97/2025 (“Decree 97”). This decree authorizes the complete privatization of Corredores Viales S.A. through the award of public works concession agreements, according to the provisions of the Foundations Law and the Public Works Concession Law.

Key highlights of Decree 97 include:

1. Termination of the existing concession contracts for certain sectors under Corredores Viales S.A.;
2. The initiation of selection procedures for the award of new public works concession agreements for road corridors, in accordance with the provisions of the Public Works Concession Law; and
3. The dissolution and liquidation of Corredores Viales S.A., which will take place once the concession contracts have been awarded and executed with the preferred bids.

Furthermore, Decree 97 grants the Ministry of Economy the authority to oversee the bidding process, modify the road section configurations, and even exclude or include specific road segments as neccesary.

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For further details please reach out to: Nicolás Eliaschev, Javier Constanzó, Daiana Perrone, Milagros Piñeiro, Florencia Martínez Trobbiani, Macarena Becerra, Victoria Barrueco, or Giuliana Manzolido.

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Privatization of Belgrano Cargas y Logística S.A.

On February 10^th, 2025, the National Government published Decree 67/2025 (“Decree 67”), authorizing the total privatization of Belgrano Cargas y Logística S.A. (“Belgrano Cargas”), according to the provisions of the Foundations Law.

Decree 67 orders the vertical disintegration and separation of the activities and assets of each business unit of Belgrano Cargas through the celebration of public works concession contracts for the railroad tracks and workshops, together with their adjacent properties, and the sale of the rolling stock through a public auction.

The Ministry of Economy, in cooperation with the Transformation of Public Enterprises Agency, is empowered to provide all the necessary regulations to carry out the procedure. It is also in charge of carrying out the biddings for the railways and workshops concession contracts celebration, the public auction for the sale of the rolling stock, and the dissolution of Belgrano Cargas.

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For additional information, please contact Nicolás Eliaschev, Javier Constanzó, Juan Pablo Bove, Paula Cerizola, Florencia Martinez Trobbiani, Macarena Becerra, Rocío Valdez, Victoria Barrueco, and/or Manuel Crespi.

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