May 19, 2016 / 3:08 PM / 3 years ago

Argentina unveils stimulus plan to boost natural gas production

BUENOS AIRES, May 19 (Reuters) - Argentina announced a new program on Thursday to boost natural gas production through a guaranteed price system, in a bid to cut liquefied natural gas imports and reduce the country’s long running energy deficit.

Under the program, which began on Thursday and will run through December 2018, the government will compensate producers launching new natural gas projects for the difference between what they receive in the market and $7.5 per million British thermal units.

Energy Minister Juan Jose Aranguren said last week that he expects Argentina to stop importing liquefied natural gas in five or six years. (Reporting by Julia Castilla; Writing by Alexandra Alper; Editing by Alistair Bell)

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