ARGENTINA LEAGUE TABLES \ FIRM BRIEFINGS Argentina PROJECT FINANCE
Highly recommended Beretta Godoy Marval O’Farrell & Mairal PAGBAM - Perez Alati Grondona Benites Arntsen & Martínez de Hoz (Jr)
Recommended Allende Brea M & M Bomchil
CORPORATE
Highly recommended Beretta Godoy Marval O’Farrell & Mairal PAGBAM - Perez Alati Grondona Benites Arntsen & Martínez de Hoz (Jr)
Recommended Allende & Brea M & M Bomchil Mitrani Caballero Ojam & Ruiz Moreno
Notable Alfaro Abogados Brons & Salas Estudio Alegria Buey Fernandez Fissore & Montemerlo
DISPUTES
Highly recommended Marval O’Farrell & Mairal PAGBAM - Perez Alati Grondona Benites Arntsen & Martínez de Hoz (Jr)
Recommended M & M Bomchil
Notable Alfaro Abogados Mitrani Caballero Ojam & Ruiz Moreno
Introduction
Argentina is more regulated than 10 years ago, but clients are adapt- ing to the changes. Last year, the government re-nationalised the state-owned oil company YPF, taking back Spanish-owned Repsol’s majority shares in the company on the grounds of an alleged insuf- ficient investment in the country over the past few years. Repsol has held a majority share in YPF since 1999. Cross-border transactions with an Argentinean component have become more complicated be- cause of inflation, foreign exchange instability, investments repatria- tion and political risk. A decrease in the local natural gas production has driven up the cost of energy. The decrease stemmed from a lack of infrastructure investment and the government’s response has been inconsistent. To meet demand with domestic production, the coun- try has been increasingly importing expensive resources, creating se- vere fiscal restrictions in terms of foreign currency needs. Congressional elections scheduled for October is making the econ- omy unstable as the sitting president seeks a third term in office. The president is accused of being favourable to strong government inter- vention in the market and pushing for power similar to that of the late Venezuelan President Hugo Chavez.
Alfaro Abogados
2012 Firm Overview Most active disciplines
Disputes: Financial and corporate, Tax Financial and corporate: Banking, Commodities trading and energy derivatives, Investment funds, Equipment/asset finance, M&A, Private equity, Project finance Public: Competition, Construction, Environmental, Land, Projects, Regulatory Tax: Corporate tax, Indirect tax, Transfer pricing
Key energy sectors
LNG, Mining and metals, Oil and gas, Power networks and distribution
Key infrastructure sectors Airports and aviation, Defence, Ports and shipping, Rail, Roads, Water and sewage
Key partners
Carlos E Alfaro, Natalia Artmann, Giselle Geuna, Pedro Mazer, Javier Medin, Sebastian Rodrigo, Maria Paola Trigiani
Alfaro Abogados has cultivated its image as a full-service business law firm with offices in Buenos Aires, London, Madrid and New York. The firm recently handled antitrust issues on a major oil and gas acquisition whose details cannot be publicly disclosed. Some of the firm’s recent litigation cases may not bear directly on
energy or infrastructure, but nonetheless demonstrate Alfaro’s prowess as a settler of disputes. In October 2012, Alfaro represented GEM in due diligence for the acquisition of a credit card company in Argentina. A month before, Alfaro represented Investco in a $45 million due dili- gence in regard to the equity investment and refinancing of wineries and condominiums in Valle de Uco, Mendoza.
28 ENERGY & INFRASTRUCTURE | LATIN AMERICA 2013
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