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El impacto de la financiación pública-privada en el desarrollo: las experiencias de YPF y Tecpetrol en Vaca Muerta (2014-2020)* Gustavo García Zanotti

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  • Gustavo García Zanotti

Abstract

Resumen: En el presente artículo se discutió el impacto de la financiación pública-privada en el desarrollo de los proyectos productivos en la formación no convencional de Vaca Muerta a través de las experiencias que más invirtieron en la misma: YPF —con Chevron— y Tecpetrol. El sector energético resulta indispensable para el funcionamiento y reproducción del conjunto de la economía. Por esta razón, el Estado se encuentra interesado en su desenvolvimiento. Para ello pretende atraer inversiones privadas a través de estímulos, y al hacerlo contribuye en el financiamiento de este. El sector privado ha invertido a través de préstamos intra-firma desde sociedades relacionadas en el exterior. Sin embargo, la sostenibilidad del financiamiento se dirimirá en términos de la disponibilidad de divisas que este refleje dado que los países como Argentina poseen una severa restricción externa, así como dificultades para retener el capital. En este sentido, las amortizaciones de dichos préstamos significarán la repatriación de los capitales y presionarán sobre la liquidez de divisas. Además, se trata de un sector que demandará inversiones y financiamiento constantemente para mantenerse activo debido a que su necesidad de fondos se encuentra relacionada a la reducida vida útil que poseen los pozos no convencionales. Abstract: The article will discuss the impact of public-private financing on the development of productive projects in the unconventional formation of Vaca Muerta through the analysis of the two companies with the biggest investment in it: YPF (with Chevron) and Tecpetrol. The energy sector is essential for the functioning and reproduction of the economy as a whole. For this reason, the State is interested in its development. The State aims to attract private investment through incentives and contributes to its financing. The private sector has invested through intra-firm loans from related companies abroad. However, the sustainability of the financing will be determined in terms of the availability of foreign currency. Developing countries like Argentina have severe external restrictions, as well as difficulties in retaining capital. In this sense, the repayments of these loans will mean the repatriation of capital and will put pressure on foreign exchange liquidity. In addition, the sector will constantly demand investment and financing because of the short useful life that unconventional wells usually have.

Suggested Citation

  • Gustavo García Zanotti, 2022. "El impacto de la financiación pública-privada en el desarrollo: las experiencias de YPF y Tecpetrol en Vaca Muerta (2014-2020)* Gustavo García Zanotti," Ensayos de Economía 20594, Universidad Nacional de Colombia Sede Medellín.
    • Handle: RePEc:col:000418:020594
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    File URL: https://revistas.unal.edu.co/index.php/ede/article/view/93276
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    1. Pierre-Richard Agénor & Peter J. Montiel, 2015. "Development Macroeconomics Fourth edition," Economics Books, Princeton University Press, edition 4, number 10494.
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    More about this item

    Keywords

    financiamiento para el desarrollo; políticas de estímulos; préstamos intra-firma; restricción externa; financing for development; stimulus policies; intra-firm loans; external restriction; Vaca Muerta;
    All these keywords.

    JEL classification:

    • O13 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Agriculture; Natural Resources; Environment; Other Primary Products
    • O12 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Microeconomic Analyses of Economic Development
    • O20 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - General
    • O23 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - Fiscal and Monetary Policy in Development

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