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Argentine government intervenes in TGN

Argentine government intervenes in TGN

Argentina's government is taking over a troubled gas company after it defaulted on $22.5 million in debt.
Planning and Infrastructure Minister Julio De Vido says the government intervention will last 120 days and will include a review of the company's finances.
Last week, Transportadora Gas del Norte, or TGN, said could not pay the $22.5 million by a Dec. 31 deadline. The company blames higher costs, a government-mandated rate freeze, and fewer exports in the face of a local energy crisis.
TGN is controlled by the consortium Gasinvest S.A. and transports natural gas throughout northern and central Argentina. It oversees 5,700 kilometers of pipeline and 17 plants.


Updated : 2021-05-08 01:45 GMT+08:00