Unidentified Company Representative: Yes, sure. what are the challenges or risks in case the country continue facing tough economy environment, high inflation and/or devaluation.
Alejandro Lew: I’m not sure that the question is clearly understood. But if it’s clearly a political question on how the country could evolve and the different political scenarios, of course, I’m not the person to talk about that definitely. If the question is more related to how we would expect YPF to continue evolving under different scenarios, I would just say that we heard it from the minister, we heard it from our Chairman and our CEO. I think the resilience that has already been achieved and the focus that the country has on monetizing and transforming the energy sector into a sector that can help transforming or leading the transformation of Argentina’s balance of payment. I think that the realities for the sector and for YPF should be positive in any political scenario. And clearly, we believe that if anything, the sector should be part of the solution to any complicated economic situation.
Unidentified Company Representative: Second question from Luiz Carvalho from UBS. Company had a good year managing to increase prices and balancing cash flow. What is the outlook for 2023? What can we expect in terms of further price adjustment?
Alejandro Lew: Well, I think, I already tackled that. So, I guess, for the interest of time, I would just skip it. But clearly, I think it was more than answered before.
Unidentified Company Representative: Okay. YPF and Argentina has relevant infrastructure projects undergoing? What are the main priorities? How are they going to be financials? Please update on main projects?
Alejandro Lew: I think it was already also most of it tackled in the presentation. We — for coming years, we are — we have a very focused approach and strategy in investing in mostly and monetizing our oil opportunities as a primary objective. While we continue to supply our commitments of natural gas and while we work in pilot projects for the long-term energy opportunities, as Pablo mentioned in lithium and in hydrogen that we definitely believe that are part of the future. So — but in the short term, the main objective — the main focus is monetizing oil and investing in the infrastructure that is required to be able to monetize that oil and, of course, to continue to handle the larger portion of our VacaMuerta gas production out of our total portfolio.
So midstream debottlenecking, the minister mentioned the several projects of oil midstream that YPF is leading, some of them being joined by the industry, some of them — what I would say most — all of them joined by the industry at different levels of participation. But those are key to being able to generate the opportunity or to truly make the opportunity come true of becoming a relevant and large oil exporter. As you probably know, the country has already become an exporter in 2022. YPF has still focused in fully supplying our own needs in our refineries. But down the road, we believe that the opportunity to continue to grow exports, it’s very appealing. It’s a great opportunity for the country and the pipelines that need to be in place and the new VacaMuerta Sur project that YPF is leading for putting together a whole new pipeline system connecting VacaMuerta to the Atlantic into a new port terminal.
Those are the clear — key projects that — infrastructure projects that we have ahead of us. Of course, while we do that, we continue to invest in our multiyear program for revamping our refineries. That’s part of also becoming clearly updating our finance or improving our refineries to reduce the sulfur content of our fuels, where I didn’t mention it. But in our plan, we expect to be our fuels having less than 80% of — or sorry, 80% of our fuels becoming low sulfur fuels produced in our refinery. So those are clearly our main projects.
