Argentina is set to save close to $2.1 billion in liquefied natural gas (LNG) imports this year, the economy minister said on Friday, with a planned tender for its entire year’s demand taking advantage of lower-than-expected prices.

“We will carry out a tender in three blocks of 10 (vessels), with the participation of nine international companies that will allow us to transform the $3.5 billion Argentina was going to spend into $1.3 billion,” Sergio Massa said during a live broadcast.

The South American nation relies on gas imports despite its vast shale oil and gas formation known as Vaca Muerta, which have strained state coffers as prices have spiked in recent years.

The indebted country is also struggling to rebuild its foreign currency reserves in the midst of a scenario of economic uncertainty marked by inflation that last year reached nearly 100%.

The country was taking advantage of a “window of opportunity” due to a drop in international prices, Massa said, adding that it would lower energy costs for the winter months – between June and September in the southern hemisphere.

Massa did not specify the volume of natural gas that the $1.3 billion would represent.
Source: Reuters (Reporting by Maximilian Heath, Editing by Rosalba O’Brien)