The norm, in detail
Privatizations: Belgrano Cargas kicks off
Privatization decree + per-company process
in executionNATIONAL
State, institutions and security
What changed and who it applies to
What changed
Privatization/concession program for loss-making state companies. Lead case: Belgrano Cargas y Logística, with a privatization decree splitting its 3 lines into 7 concessions (tolled track, locomotives, wagons, workshops). EXECUTED as of 2026: CITELEC/Transener sold to the Edison Transmisión + Genneia consortium (Res. 673/2026 — has its own entry in this panel) and the Comahue hydroelectric plants operating privately since Jan 8, 2026 (Res. 2124/2025 — own entry); AySA already under tender (Res. 704/2026 — own entry). Remaining pipeline: Intercargo, Enarsa (thermal stake), SOFSE, Corredores Viales, Nucleoeléctrica, YCRT. Aerolíneas Argentinas: stated intention (not urgent). prob · 2026 ↗
In force
In process per company (2025-2026). prob · Feb 9, 2026 ↗
Who it affects
Loss-making state companies and their sectors (freight rail, water, energy, aeronautics, roads). It reduces the State's subsidy/spending. prob · Feb 9, 2026 ↗
The norm
Privatization decree for Belgrano Cargas (2025-2026 process; 50-year concessions). The remaining companies are at different stages of the process. prob · Feb 9, 2026 ↗
Our reading
Fewer loss-making companies inside the State = less spending to finance (R1 · lowers country risk) and more private capital operating real logistics: a modernized Belgrano Cargas lowers the export cost of the north and agriculture, and feeds the Greater Rosario ports (R5 · better export netback). thesis
Where it lands, province by province1
Santa Fe The Belgrano Cargas feeds the Greater Rosario ports; a private concession that modernizes it lowers the logistics cost of agro-exports (it complements the Waterway). favorable better export netback thesis
The other rules on this subject22
Property shield: expropriating costs more, evicting is fasterBill PE-13/2026 (Message 22/26) — majority committee report in the Senatepending
AySA up for bid: the State sells 90% to a private operatorRes. 704/2026 MECON (Official Gazette, May 15, 2026)in execution
Ignacio Aredez· Chief analyst
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How to read the seals → verif primary source · prob primary source pending · unconf not sufficiently backed · estim our own calculation · thesis our reading