The Argentine government proposed on Wednesday that the country's oil companies make a $1.2 billion 'contribution' to the government's empty coffers.
This is intended to replace the controversial oil export tax established in the econonmic reform bill which was passed by Congress last weekend. The oil tax was a measure designed to compensate for the 28.5% devaluation of the peso, which until last Sunday was pegged to the US dollar.
'If it were taken as an advance payment, the oil export tax would not exist,' Jose Luis Lizurume, the Governor of the Chubut province, explained after a meeting with the oil companies. 'The proposal was made by the President [Eduardo Duhalde] but it does not mean that there is pressure on the sector.'
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