Law No. 27742, declared “subject to privatization” certain wholly or majority state‑owned companies, including Agua y Saneamientos Argentinos S.A. (“AySA”); Belgrano Cargas y Logística S.A. (“Belgrano Cargas y Logística”); Energía Argentina S.A. (“ENARSA”); and Intercargo S.A.U. (“Intercargo”). Throughout 2025, a series of measures were issued to implement these privatizations.
Agua y Saneamientos Argentinos S.A.
On July 22, 2025, Executive Order No. 493/2025 was published, establishing a new regulatory framework for the provision of public drinking water and sewage services. The reform replaced the prior regulatory framework established by Law No. 26221, and authorized the State to fully or partially divest its 90% shareholding in AySA, along with other substantial modifications designed to encourage private investment.
Furthermore, by means of Executive Order No. 494/2025, the procedure for the full privatization of AySA was authorized, and the sale of state shares would proceed by means of:
- the sale of at least 51% of AySA’s total shares to a strategic operator, by means of a national and international public tender; and
- the sale through domestic stock exchanges and markets, of any remaining shares held by the State not sold in the public tender.
Belgrano Cargas y Logística S.A.
By means of Executive Order No. 67/2025, issued on February 10, 2025, the privatization of Belgrano Cargas y Logística was authorized by means of the vertical disintegration and separation of the business units and assets. Privatization will occur by means of public auction of the rolling stock owned by the State, and the celebration of public works concession agreements for the railway lines of General Belgrano, General San Martín, and General Urquiza, and their surrounding real estate, and for the use of the railway workshops of the railway lines.
In this sense, Resolution No. 1049/2025, published on July 24, 2025, in the Official Gazette, formally initiated the privatization process of Belgrano Cargas y Logística and instructed the Transportation Secretariat to carry out preparatory acts necessary for auctioning the rolling stock and moving forward with the bidding procedure for the concession of the railway lines and the use of the railway workshops. The privatization process is to be completed within 12 months, with the involvement of the Transportation Secretariat, the Public Enterprise Transformation Agency, and Banco Nación.
Energía Argentina S.A.
On April 25, 2025, Executive Order No. 286/2025 was published in the Official Gazette, authorizing the privatization procedure of ENARSA by means of the separation of business lines and assets, a process that will be implemented in stages. Pursuant to this, it authorized the sale of all shares that ENARSA holds in Compañía Inversora en Transmisión Eléctrica Citelec S.A. (“CITELEC S.A.”), through a national and international public tender.
Pursuant to Executive Order No. 286/2025, on July 25, 2025, the Ministry of Economy issued Resolution No. 1050/2025, initiating the privatization of ENARSA by means of the sale of its CITELEC S.A. shareholding, to be completed within eight months.
Intercargo S.A.U.
Executive Order No. 198/2025, published on March 18, 2025, authorized the privatization procedure of Intercargo by means of a national and international public tender for all shares.
Subsequently, Resolution No. 1067/2025 was published in the Official Gazette on July 28, 2025, which formally initiated the privatization of Intercargo to be executed within eight months. The Transportation Secretariat was instructed to update the assets inventory that may affect Intercargo’s valuation in order to carry out the sale of Intercargo’s equity package, and to arrange the mutual termination of the existing concession agreement between the State and Intercargo for the exclusive provision of the Sole Handling Service of aircraft ground assistance (RAMPA), prior to any share transfer to a potential acquirer.
Corredores Viales S.A.
Lastly, regarding Corredores Viales, Executive Order No. 97/2025 of February 14, 2025, authorized its privatization under a public works concession involving toll collection. Later on, Executive Order No. 244/2025 ordered the intervention of Corredores Viales for a one-year term and appointed the corresponding interventor. On July 10, 2025, Executive Order No. 464/2025 extended the intervention.
All privatization procedures will be carried out with the involvement of the Ministry of Economy and the Public Enterprise Transformation Agency, and by means of the CONTRAT.AR platform.
