Then there are projects of bringing oil and gas to the coast. Again, these are large projects. YPF is, let’s say, a major player in this. Also, this project made a lot of sense, but they will need financing and will not be easy in an electoral year with a situation in which Argentina will be facing difficult economic environment, the financing of this project is not easy. Some of the projects like deal Oldival, there is also an oil pipeline are underway, and we are supplying it. Within this year, we expect to supply 60,000 tons for this. These are things that are moving on, like the first stage of the pipeline from Neuquen to Buenos Aires. So some is in production and will be the lever during 2023. But the extension and the second stage and the other major pipeline may be delayed in 2024, depending on the financial condition of the country.
Frank McGann: Okay. Great. Thank you very much.
Operator: Thank you. One moment for next question. Our next question comes from the line of Luke Lemoine from Piper Sandler.
Luke Lemoine: Hey. Good morning. Paolo, I just wanted to clarify the guidance a little bit. 1Q was pretty clear with revenues up 10% and stable margins from 4Q levels. It sounds like the 2Q visibility is good. EBITDA margins remain near the current level, but wanted to see if you could kind of give us a revenue outlook from 1Q or 2Q — and then on second half, I appreciate the uncertainty, but as you see it now, it seems like maybe margins touched down a bit, but are you still expecting these to remain above 30% in the second half.
Paolo Rocca: Well, we may guide with some more precise indication for the first quarter. And I was saying we can also have a relatively good idea of what is happening in the second in line with what we are saying. The margin should remain pretty stable. In the second part of the year, I mean, it’s difficult to make a clear and sound prediction. What we can say is to look at the fundamentals. The fundamentals is that in my view, price of oil remains stable. Gas also will have a positive evolution from where it is now. Drilling and level of the wells and that will be drilled will increase compared to 2022. And the supply and demand in the pipe business, it may well be differentiated between the heat-treated more complex product or, let’s say, value-added product that will remain pretty tight and maybe there could be some more soft market for non-heat treated low-end products.
But in this environment, also the cost will — the cost we are paying now will get into our profit and loss through the third and the fourth Q. So we will have some pressure on margin from this. But still, I’m pretty positive on it.
Luke Lemoine: Okay. All right. Thank you very much.
Operator: Thank you. One moment for our next question. Our next question comes from the line of Alessandro Pozzi from Mediobanca.
