The oil companies pay for Vaca Muerta's roads: USD 51M with no public money

Neuquén and the Vaca Muerta operators set up a public-private scheme to build roads without state budget. The oil companies created the Fideicomiso By Pass de Añelo (contract of 06/19/2025, amended on 10/02/2025, with TMF Trust Company as trustee) to pave 51 km of Provincial Routes 8 and 17 and build the bypass that connects them. There are nine settlors: YPF, Vista, Pluspetrol, PAE, Pampa, Tecpetrol, Chevron, Petrolera El Trébol (Phoenix) and Total Austral; Shell is not listed. Once the work is finished, the Province receives it as a donation with charge, puts it under toll and the Dirección Provincial de Vialidad operates it, including toll collection (arts. 3 to 5); the framework agreement is exempt from stamp tax and the trust from turnover tax (art. 7) verif. According to the specialized press, the work was estimated at USD 51 million plus VAT; five «main sponsors» (YPF, Vista, Pluspetrol, PAE and Pampa) put in some USD 6.8 million each (13.3%) and four «secondary beneficiaries» (Tecpetrol, Total, Chevron and Phoenix) USD 2.6 million each (5%); Shell had until 10/24/2025 to join; the work takes 18 months; the toll pays first for maintenance and then for repayment; the agreement expires 15 years after the toll effectively starts or once the investment is repaid, whichever comes first, and the tariff is adjusted by the price of grade-2 diesel; the aim is to take heavy traffic off Route 7 between Añelo and San Patricio del Chañar prob. In 2026 a second agreement, separate from the trust, was signed: on 09/08/2026 the Province and 15 operators agreed to pre-finance the paving of 158 km of Provincial Routes 8, 51 and 7, with works for USD 154.5 million and an agreement for USD 177.6 million once a 15% contingency is added. By section: RP 8, 95 km, USD 91.3 million; RP 8, 8 km, USD 6.8 million; RP 51, 40 km, USD 50.4 million; RP 7, 15 km, USD 6 million. The companies put up the capital at zero interest and recover it through tolls and by deducting up to 20% of royalties from month 30 of each disbursement prob. The Legislature approved it in the session of 10/07/2026 verif. verif · Dec 1, 2025 ↗

Trust constituted on 06/19/2025 (addendum of 10/02/2025); Province–trustee framework agreement of 09/08/2025; ratifying Ley 3537 passed on 11/13/2025, promulgated on 12/01/2025 and in force since its publication in Official Gazette No. 4516 of 12/04/2025 (art. 9) verif. The second road agreement, of 09/08/2026, was approved by the Legislature in October 2026 verif. verif · Dec 1, 2025 ↗

The Vaca Muerta operators that put up the capital: the nine settlors of the Añelo bypass verif and the 15 that signed the September 2026 agreement, which recover it through tolls and royalty deductions prob. For the local supplier of road construction, earthworks, asphalt, signage and logistics, contracted work opens up in the territory: some USD 51 million for the bypass and USD 154.5 million for the package of Routes 8, 51 and 7 (USD 177.6 million with contingencies), already approved by the Legislature prob. Those who use those routes, carriers and suppliers, will pay tolls; on the bypass, for up to 15 years or until the investment is repaid prob. It is public works financed by private players, and its volume makes it one of the most concrete sources of demand for the area's road SMEs thesis. prob · Dec 1, 2025 ↗