Argentina: Energy Overview

Last Updated: 16 August 2004
Article by Damián Díaz

Relevant political, legal and business-related events took place in the energy sector in Argentina during 2004.

Introduction

2004 will not be an ordinary year for Argentina from an energy standpoint due to certain political matters that resulted in major surgeries within the oil & gas sector. The final resolution of the long-discussed Stamp Tax issue over offer letters, the new regime for assessment and payment of royalties or the creation of the state-owned Energía Argentina Sociedad Anónima –Enarsa–, along with the current energy crisis, and the different consequences of all these factors modified the energy map and applicable legal frameworks.

POLITICAL ISSUES

Stamp Tax, Final Defeat Of The Uncertainty

From a political standpoint, maybe the most relevant fact was the final resolution of the issue dealing with the gravability with Stamp Tax of the agreements for consideration entered into through offer letters accepted by performance. Although considered a remarkable defeat for the provincial governments, it was somehow compensated with the new regime for the assessment and payment of oil & gas royalties, another debatable matter between the oil & gas producers, the oil & gas provinces and the Federal State, enhanced after the devaluation of the Argentine Peso vis-à-vis the US Dollar.

In April 15, 2004, the Federal Supreme Court of Justice put an end to the intention of the oil & gas producing provinces’ tax bureaus to collect Stamp Tax over the aforementioned kind of agreements, by setting forth the requirement of an "instrument", under the terms of Law 23,548 of Tax Federal Co-Participation, as a sine qua non condition in order to allow the application of Stamp Tax. These tax claims represented huge contingencies for the oil & gas companies, which in most cases included previsions in their balance sheets covering these liabilities. The judicial decisions issued by the Federal Supreme Court of Justice in this regard entailed, for the provincial tax bureaus, the impossibility to actually collect the amounts claimed in this concept, hence benefiting the oil & gas companies by eliminating the resulting tax contingencies and clarifying the applicable rules.

New Regime For Assessment Of Royalties

On May 2004 the Federal Secretariat of Energy issued Resolution 435/2004, which established a new regime of information, assessment and payment of royalties for oil & gas companies awardees of exploitation concessions and exploration permits. In a nutshell, Resolution 435/2004 granted full powers to the provincial governments and the Federal Energy Secretariat to determine the wellhead prices they deem correct for purposes of assessment and payment of royalties. Although the oil & gas companies may challenge the wellhead prices established by the provinces and the Federal Energy Secretariat, pursuant to Resolution 435/2004 such challenge must be made before the latter (which has sent out clear signs of being on the same side as the provinces) and does not prevent the collection of royalties by the oil & gas producer provinces, even through judicial collection measures.

The Creation Of A State-Owned Energy Company: Enarsa

Another political highlight of 2004, closely related to the current natural gas-focused energy crisis, was the announcement, by the Federal Government, of the creation of Enarsa, the new state-owned energy company that, as informed, shall actively participate in all steps of both oil & gas upstream and downstream, as well as in the generation, transportation and distribution of electric energy and all other types of energy, such as coal, nuclear energy and hydrogen. As reported, Enarsa’s equity would be owned 53% by the Federal State, 12% by the oil & gas producing provinces, and the balance 35% would quote in a stock market.

Reportedly, one of the goals of Enarsa would be to become a balancing player to equilibrate the supply and demand of energy-related goods and services across the country, for the double purpose of providing the Federal Government with a price-control tool that would also battle potential antitrust situations. Moreover, Enarsa would also boost the offshore exploration and exploitation in Argentina, mainly in the Austral basin, to which effect it was announced that the Brazilian oil & gas heavy-weight Petrobras would contribute with technical assistance and share its offshore experience with Enarsa to the enterprise. In fact, as stems from the bill of law of creation of Enarsa, all oil & gas offshore areas not subject to exploration permits and/or exploitation concessions at the time of entry into force of said law would be automatically awarded to Enarsa.

The creation of Enarsa was highly criticized by diverse sectors both from politics and the energy aerea. One of the most criticized features of Enarsa was its broad scope of action, which covered all steps of all kinds of energy. In the view of Enarsa’s critics, set aside the fact that there exists no other energy state-owned company in the world with a corporate goal as broad as Enarsa’s, this broadness of acting would turn Enarsa into a non-efficient company. It was also pointed out by Enarsa’s critics, among other reasons, that Enarsa lacks clear investment and business plans and that no provisions for external auditing procedures were made.

Provincial-Owned Energy Companies

Jointly with Enarsa, the government of the austral province of Tierra del Fuego also publicly announced the creation of a provincial-owned company that would be engaged in the production and commercialization of hydrocarbons. Allegedly, this company’s corporate goal would be broader than Enarsa’s, since, along with the oil & gas-related activities, it would engage also in mining, electric energy, fishing and tourism activities.

Last, the province of Buenos Aires also created a provincial-owned company related to the hydrocarbon industry denominated Buenos Aires Gas S.A., which is in charge of the distribution of natural gas to certain specific small towns located in the province of Buenos Aires. The main reason for the creation of Buenos Aires Gas S.A. was the reluctance of Camuzzi Gas Pampeana S.A., in charge of the distribution of natural gas in that region, to incur in the necessary expenses to extend the distribution of natural gas to certain small towns distant from the main distribution lines.

Regional Policies

Other events that should be mentioned for their political relevance are the regional energy-focused interactions between Argentina and their Latin-American neighbors. In a nutshell, Argentina imported natural gas from Bolivia, fuel oil from Venezuela and electric energy from Brazil, all of this in an effort to mitigate the energy crisis currently undergoing.

LEGAL ISSUES

During 2004 the energy-related legal rules issued by the pertaining authorities dealt, mostly, with the energy crisis in order to minimize the adverse effects derived thereof by tackling the diverse flaws of the applicable energy legal frameworks. Here follows an overview of the most relevant rules issued during this year in this regard.

The Natural Gas Market

In February 2004 the Federal Executive Branch issued Decree 180/2004 establishing the creation of a trust fund to finance the extension of the natural gas transportation and distribution system attempting to avoid possible supply shortages during the austral winter months (boreal summer). In order to achieve more transparent activities associated with the rendering of public utilities service and granting a broader access to operation and commercial information, Decree 180/2004 also set forth the creation of the Gas Electronic Market, which will allow market agents to use information related to gas purchases and sales, transportation, and distribution, and which shall coordinate, in a centralized and exclusive manner, all the transactions related to daily or immediate-term gas markets (spot markets), and natural gas transportation and distribution secondary markets.

In that same month, the Federal Executive Branch also issued Decree 181/2004, instructing the Federal Secretariat of Energy to agree with the natural gas producers an adjustment of the natural gas price in the point of entry to the transportation system acquired by the natural gas distributors, and to implement the necessary mechanisms for the protection of the customers of the gas distribution companies that acquire natural gas directly from the natural gas producers (commercial by-pass). Said agreement was finally entered into by and between the Federal Secretariat of Energy and the natural gas producers on April 2004, and approved by Resolution 208/2004, issued by the Ministry of Federal Planning, Public Investments and Services.

Later, in March 2004 the Federal Secretariat of Energy and the Federal Under-Secretariat of Fuels imposed restrictions on natural gas exports (which occur, mainly, to Chile) to ensure the domestic supply of natural gas. In fact, through Resolution 265/2004, the Secretariat of Energy (i) set forth the suspension of exports of natural gas surplus necessary for the assurance of the domestic supply, (ii) established the suspension and revision of the former procedure for the approval of natural gas exports, and (iii) instructed the Federal Under-Secretariat of Fuels to elaborate of the Program for the Rationalization of Exports and Use of Transport Capacity, which, if needed to supply the domestic market, would include cuts in transport and gas volumes and generation of electric power for export purposes.

The Federal Under-Secretariat of Fuels elaborated such program in March 2004 through Decision 27/2004, which, among others, guaranteed the supply to certain natural gas users, governed the cuts of natural gas exports, the applicable procedures and regimes of priorities to such effect, and the responsibilities of the natural gas producers and transporters. However, in June 2004 the Federal Secretariat of Energy issued Resolution 659/2004, whereby it approved the Complementary Program of Supply to the Domestic Market of Natural Gas, currently in force, in replacement of the one established by Decision 27/2004, mentioned above, to be applied in case the injection of natural gas per basin results lower to the natural gas demand, including the demand of the thermal centrals that results necessary to avoid a shortage of the electricity public service.

Finally, in order to prevent potential collapses during the austral winter, in June 2004 the Federal Secretariat of Energy issued Resolution 657/2004 to regulate the regime of cuts in the supply of natural gas and set forth a contingency program for the natural gas distributors in case the natural gas transportation and distributions system enters into a situation of emergency. Pursuant to Resolution 657/2004, the distributors must first cut the supply of natural gas to the companies that have interruptible services, starting with the companies that pay the lowest prices, and only then proceeding to cut the supply of natural gas of the companies that have non-interruptible services (firm services) but that have agreed to assign certain volume of natural gas during a certain period of time.

Program For The Rational Use Of Energy

Another tool to attempt to minimize the effects of the natural gas shortage crisis was the Program for the Rational Use of Energy launched by the Federal Secretariat of Energy on April 2004 through Resolution 415/2004. In a nutshell, this Program aims to encourage the residential and commercial users to reduce, or at least not increase, the consumption of natural gas with relation to their consumptions in 2003, in order to obtain greater natural gas surplus for their use in industrial activities.

Amendment To The Legal Framework Of Tax And Hydrocarbon Exports

In May 2004, through Resolutions 335/2004, 336/2004 and 337/2004, the Federal Secretariat of Energy amended the legal framework of the Tax on Hydrocarbon Exports, created by the Federal Legislative Branch in February 2002 through the Law of Economic Emergency and Amendment of Exchange Regime, by modifying the restrictive list of hydrocarbons and their by-products which exports are subject to this tax, hence broadening the scope of exports levied by the Tax on Hydrocarbon Exports, and increasing the applicable tax rates. A few days after, through Decree 645/2004, the Federal Executive Branch went a step further by including within the frame of this tax the exports of gaseous natural gas, liquated natural gas, gaseous butane and certain other gases, which exports have never been levied by the Tax on Hydrocarbon Exports since its creation.

Moreover, on August 2004 the Federal Energy Secretariat issued Resolution 532/2004 establishing a progressive increase of the Tax on Hydrocarbon Exports applicable over exports of crude oil depending on the WTI crude price per barrel quoted at the New York Mercantile Exchange. Through this Resolution, the current 25% rate might be increased up to 45% when the WTI barrel exceeds US$45. Allegedly, this increase was decided as a consequence of the escalating of the WTI crude price per barrel and in order to prevent local inflation.

BUSINESS ISSUES

Despite the current energy crisis, the continuous claims of the energy companies to the Federal and provincial governments (including several claims filed before the International Centre for Settlement of Investment Disputes –ICSID– within the World Bank), and many other factors that from an objective standpoint may endanger the attraction of new foreign investments and increase the existing ones, the oil & gas companies, both local and foreign, are currently expanding their businesses in Argentina and investing considerable sums of money in the enhancing of their upstream and downstream activities.

Investments In Upstream

As stems from public information provided by oil & gas companies and the pertaining governmental agencies, the largest percentage of the investments projected for the next years is focused in the offshore exploration and exploitation, which activity has been hardly ever developed in Argentina and is currently deemed to blossom within the next years.

The joint venture composed by Total Austral, Wintershall and PanAmerican Energy informed the prompt commencement of the exploitation of the offshore natural gas fields Aries and Carina, located in the Austral Marina basin, which implies a future investment of US$144M that should be added to the US$256M already invested in this project. These fields would have an initial expected production varying between 4Mm3/day and 5Mm3/day, further increasing to a maximum expected of 12Mm3/day (90% destined to the domestic market), and would represent reserves covering more than two years of the natural gas consumption of Argentina. These two fields are expected to begin their production by May 2005.

PanAmerican Energy’s investment in this regard is part of the US$91,3M investment budgeted for 2004, which represents an increase of 47% compared to the 2003 investments, being the balance devoted, mainly, to the development of the Cerro Dragón field, located in the Golfo San Jorge basin.

Total Austral would also commence the exploration of the Géminis field, located in the Austral Marina basin, distant almost 70km from the Tierra del Fuego shore, through the drilling of a first exploratory well, which would imply an aggregate investment of US$25M, that should be added to the US$24M incurred into in order to import the necessary drilling equipment. With its partners PanAmerican and Repsol-YPF (by far the largest oil & gas company acting in Argentina and the number one in oil & gas production, which committed before the Federal government an investment of US$ 5.670M for the next five years), Total Austral will also start exploration works in the field CAM 46, near the Tierra del Fuego shore, with an initial investment of up to US$10M. A similar investment is projected by Repsol-YPF and PanAmerican for the field CAM 40.

In that same basin, Repsol-YPF and its partner Sipetrol, the local subsidiary of the Chilean state-owned Empresa Nacional del Petróleo de Chile –ENAP–, would invest US$70M for drilling four production wells from the fixed offshore platform located in the Poseidón field at the Austral Marina basin in order to begin the exploitation. .

The Brazilian giant Petrobras, probably the foreign company that invested more money in Argentina during the last two years, mainly through the acquisitions of the local assets of Devon Energy –Petrolera Santa Fe–, and the (then) local giant Pérez Companc, and definitely the leader in offshore production, has recently filed before the Federal Secretariat of Energy a proposal for the development of geophysical studies in two offshore fields, located in the Colorado Marina basin, distant 150km from the maritime shore of the province of Buenos Aires.

Other investments were channeled through M&A transactions within the oil & gas industry, such as the Canadian PetroAndina Resources that recently opened its offices in Argentina and closed the acquisition of the local assets of Venoco Patagonia. With its new partners in the acquired fields, Repsol-YPF and Petrobras, PetroAndina Resources announced the launching of a program of exploration and exploitation for the development of certain fields located in the Neuquén basin.

Similarly, Vintage Oil Argentina, a subsidiary of the US-based Vintage Petroleum, recently increased its presence in Argentina through the investment of US$36.4M for the acquisition of the local assets of the Canadian Rio Alto Explorations, which included, among others, Bella Vista Oeste, an important field located in the Golfo San Jorge basin.

Finally, in that same basin, Repsol-YPF and Pioneer Natural Resources Argentina, the local subsidiary of the giant US-based company Pioneer Natural Resources, announced the initiation of offshore exploration in an unexplored field distant 350km from the maritime shore of the province of Buenos Aires. Such project would entail an investment of US$15M in concept of seismic works during 2005 and US$30M for the first exploratory well to be drilled in 2006.

Investments In Downstream

Other considerable investments took place in the downstream, where Total Austral (as operator of the joint venture with Wintershall, PanAmerican Energy and Repsol-YPF) recently inaugurated a new plant of natural gas compression and increased the capacity of the natural gas treatment plant in the Aguada Pichana field, located in the Neuquén basin. Said works, which required an investment of US$44M, increased the capacity of production of natural gas of this field from 8Mm3/day to 13.5Mm3/day.

In the same Neuquén basin, Pioneer Natural Resources Argentina recently inaugurated the expansion of its gas plant in the Loma Negra field. This work meant a US$32M investment, which is part of the US$900M budgeted for 2004, that includes the construction of the Portezuelos-Loma Negra gas pipeline. Reportedly, this facility, jointly with the expansion of the Aguada Pichana plant and the Transneuquino gas pipeline recently inaugurated by Repsol-YPF entails an additional injection of natural gas at the Neuquén basin of 10Mm3/day.

The Venezuelan state-owned Petróleos de Venezuela S.A. –PDVSA– has reported its intention to open up to 500 points of sale of liquid fuels in Argentina. PDVSA’s goal would be achieved under the umbrella of the recent energy-focused agreement entered into by and between the governments of Argentina and Venezuela, through which Enarsa might also exploit oil wells in Venezuela.

Gas Transportation

Regarding the natural gas transportation system, the Federal Government announced the agreement reached with the two existing natural gas transporters whereby they would invest more that US$600M in order to increase the transportation capacity in 6Mm3/day. Concretely, Transportadora de Gas del Sur S.A. would invest US$228M to increase its capacity in 2.9Mm3/day, and Transportadora de Gas del Norte S.A. would invest US$185M to increase its capacity in 2.8Mm3/day.

Also, the government of the province of Neuquén proposed the construction of a new pipeline from the Neuquén basin to the province of Buenos Aires (Neuba III), and the construction of an interconnection gas pipeline connecting Gasandes and GasPacífico cross-border gas pipelines, which extend from Argentina to Chile.

The local Techint Group set forward a project to build an interconnection gas pipeline between Bolivia and the city of Santa Fe, on the eastern region of Argentina. The proposal has not yet been accepted by the Government and negotiations to settle bidding terms and conditions are still being carried out. The project is valued in almost US$1,000M and the Federal Government is expected to contribute with almost US$300M.

Conclusion

The turmoil triggered by the crisis of December 2001 / January 2002 and the consequences derived therefrom, including economic, social and legal uncertainty, placed Argentina on the verge of collapse from a foreign investment standpoint. However, only a few years after perishing in the flames, Argentina is, just like the Phoenix bird, notoriously and rapidly rising anew from the ashes of its previous existence and it is definitely heading, jointly with its Brazilian heavy-weight neighbor, towards a leading position in Latin America.

For that reason, both the local and foreign players within the energy industry are accompanying the Argentine development and are evidencing confidence in the future of Argentina.

This article was contributed by Damián Díaz, associate at the Tax and Energy departments of the law firm Beretta Kahale Godoy based in Buenos Aires, Argentina.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

To print this article, all you need is to be registered on Mondaq.com.

Click to Login as an existing user or Register so you can print this article.

Authors
 
Some comments from our readers…
“The articles are extremely timely and highly applicable”
“I often find critical information not available elsewhere”
“As in-house counsel, Mondaq’s service is of great value”

Up-coming Events Search
Tools
Print
Font Size:
Translation
Channels
Mondaq on Twitter
 
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).
 
Email Address
Company Name
Password
Confirm Password
Position
Mondaq Topics -- Select your Interests
 Accounting
 Anti-trust
 Commercial
 Compliance
 Consumer
 Criminal
 Employment
 Energy
 Environment
 Family
 Finance
 Government
 Healthcare
 Immigration
 Insolvency
 Insurance
 International
 IP
 Law Performance
 Law Practice
 Litigation
 Media & IT
 Privacy
 Real Estate
 Strategy
 Tax
 Technology
 Transport
 Wealth Mgt
Regions
Africa
Asia
Asia Pacific
Australasia
Canada
Caribbean
Europe
European Union
Latin America
Middle East
U.K.
United States
Worldwide Updates
Registration
Mondaq Ltd requires you to register and provide information that personally identifies you, including what sort of information you are interested in, for three primary purposes:
  • To allow you to personalize the Mondaq websites you are visiting.
  • To enable features such as password reminder, newsletter alerts, email a colleague, and linking from Mondaq (and its affiliate sites) to your website.
  • To produce demographic feedback for our information providers who provide information free for your use.
  • Mondaq (and its affiliate sites) do not sell or provide your details to third parties other than information providers. The reason we provide our information providers with this information is so that they can measure the response their articles are receiving and provide you with information about their products and services.
    If you do not want us to provide your name and email address you may opt out by clicking here
    If you do not wish to receive any future announcements of products and services offered by Mondaq you may opt out by clicking here

    Terms & Conditions and Privacy Statement

    Mondaq.com (the Website) is owned and managed by Mondaq Ltd and as a user you are granted a non-exclusive, revocable license to access the Website under its terms and conditions of use. Your use of the Website constitutes your agreement to the following terms and conditions of use. Mondaq Ltd may terminate your use of the Website if you are in breach of these terms and conditions or if Mondaq Ltd decides to terminate your license of use for whatever reason.

    Use of www.mondaq.com

    You may use the Website but are required to register as a user if you wish to read the full text of the content and articles available (the Content). You may not modify, publish, transmit, transfer or sell, reproduce, create derivative works from, distribute, perform, link, display, or in any way exploit any of the Content, in whole or in part, except as expressly permitted in these terms & conditions or with the prior written consent of Mondaq Ltd. You may not use electronic or other means to extract details or information about Mondaq.com’s content, users or contributors in order to offer them any services or products which compete directly or indirectly with Mondaq Ltd’s services and products.

    Disclaimer

    Mondaq Ltd and/or its respective suppliers make no representations about the suitability of the information contained in the documents and related graphics published on this server for any purpose. All such documents and related graphics are provided "as is" without warranty of any kind. Mondaq Ltd and/or its respective suppliers hereby disclaim all warranties and conditions with regard to this information, including all implied warranties and conditions of merchantability, fitness for a particular purpose, title and non-infringement. In no event shall Mondaq Ltd and/or its respective suppliers be liable for any special, indirect or consequential damages or any damages whatsoever resulting from loss of use, data or profits, whether in an action of contract, negligence or other tortious action, arising out of or in connection with the use or performance of information available from this server.

    The documents and related graphics published on this server could include technical inaccuracies or typographical errors. Changes are periodically added to the information herein. Mondaq Ltd and/or its respective suppliers may make improvements and/or changes in the product(s) and/or the program(s) described herein at any time.

    Registration

    Mondaq Ltd requires you to register and provide information that personally identifies you, including what sort of information you are interested in, for three primary purposes:

    • To allow you to personalize the Mondaq websites you are visiting.
    • To enable features such as password reminder, newsletter alerts, email a colleague, and linking from Mondaq (and its affiliate sites) to your website.
    • To produce demographic feedback for our information providers who provide information free for your use.

    Mondaq (and its affiliate sites) do not sell or provide your details to third parties other than information providers. The reason we provide our information providers with this information is so that they can measure the response their articles are receiving and provide you with information about their products and services.

    Information Collection and Use

    We require site users to register with Mondaq (and its affiliate sites) to view the free information on the site. We also collect information from our users at several different points on the websites: this is so that we can customise the sites according to individual usage, provide 'session-aware' functionality, and ensure that content is acquired and developed appropriately. This gives us an overall picture of our user profiles, which in turn shows to our Editorial Contributors the type of person they are reaching by posting articles on Mondaq (and its affiliate sites) – meaning more free content for registered users.

    We are only able to provide the material on the Mondaq (and its affiliate sites) site free to site visitors because we can pass on information about the pages that users are viewing and the personal information users provide to us (e.g. email addresses) to reputable contributing firms such as law firms who author those pages. We do not sell or rent information to anyone else other than the authors of those pages, who may change from time to time. Should you wish us not to disclose your details to any of these parties, please tick the box above or tick the box marked "Opt out of Registration Information Disclosure" on the Your Profile page. We and our author organisations may only contact you via email or other means if you allow us to do so. Users can opt out of contact when they register on the site, or send an email to unsubscribe@mondaq.com with “no disclosure” in the subject heading

    Mondaq News Alerts

    In order to receive Mondaq News Alerts, users have to complete a separate registration form. This is a personalised service where users choose regions and topics of interest and we send it only to those users who have requested it. Users can stop receiving these Alerts by going to the Mondaq News Alerts page and deselecting all interest areas. In the same way users can amend their personal preferences to add or remove subject areas.

    Cookies

    A cookie is a small text file written to a user’s hard drive that contains an identifying user number. The cookies do not contain any personal information about users. We use the cookie so users do not have to log in every time they use the service and the cookie will automatically expire if you do not visit the Mondaq website (or its affiliate sites) for 12 months. We also use the cookie to personalise a user's experience of the site (for example to show information specific to a user's region). As the Mondaq sites are fully personalised and cookies are essential to its core technology the site will function unpredictably with browsers that do not support cookies - or where cookies are disabled (in these circumstances we advise you to attempt to locate the information you require elsewhere on the web). However if you are concerned about the presence of a Mondaq cookie on your machine you can also choose to expire the cookie immediately (remove it) by selecting the 'Log Off' menu option as the last thing you do when you use the site.

    Some of our business partners may use cookies on our site (for example, advertisers). However, we have no access to or control over these cookies and we are not aware of any at present that do so.

    Log Files

    We use IP addresses to analyse trends, administer the site, track movement, and gather broad demographic information for aggregate use. IP addresses are not linked to personally identifiable information.

    Links

    This web site contains links to other sites. Please be aware that Mondaq (or its affiliate sites) are not responsible for the privacy practices of such other sites. We encourage our users to be aware when they leave our site and to read the privacy statements of these third party sites. This privacy statement applies solely to information collected by this Web site.

    Surveys & Contests

    From time-to-time our site requests information from users via surveys or contests. Participation in these surveys or contests is completely voluntary and the user therefore has a choice whether or not to disclose any information requested. Information requested may include contact information (such as name and delivery address), and demographic information (such as postcode, age level). Contact information will be used to notify the winners and award prizes. Survey information will be used for purposes of monitoring or improving the functionality of the site.

    Mail-A-Friend

    If a user elects to use our referral service for informing a friend about our site, we ask them for the friend’s name and email address. Mondaq stores this information and may contact the friend to invite them to register with Mondaq, but they will not be contacted more than once. The friend may contact Mondaq to request the removal of this information from our database.

    Emails

    From time to time Mondaq may send you emails promoting Mondaq services including new services. You may opt out of receiving such emails by clicking below.

    *** If you do not wish to receive any future announcements of services offered by Mondaq you may opt out by clicking here .

    Security

    This website takes every reasonable precaution to protect our users’ information. When users submit sensitive information via the website, your information is protected using firewalls and other security technology. If you have any questions about the security at our website, you can send an email to webmaster@mondaq.com.

    Correcting/Updating Personal Information

    If a user’s personally identifiable information changes (such as postcode), or if a user no longer desires our service, we will endeavour to provide a way to correct, update or remove that user’s personal data provided to us. This can usually be done at the “Your Profile” page or by sending an email to EditorialAdvisor@mondaq.com.

    Notification of Changes

    If we decide to change our Terms & Conditions or Privacy Policy, we will post those changes on our site so our users are always aware of what information we collect, how we use it, and under what circumstances, if any, we disclose it. If at any point we decide to use personally identifiable information in a manner different from that stated at the time it was collected, we will notify users by way of an email. Users will have a choice as to whether or not we use their information in this different manner. We will use information in accordance with the privacy policy under which the information was collected.

    How to contact Mondaq

    You can contact us with comments or queries at enquiries@mondaq.com.

    If for some reason you believe Mondaq Ltd. has not adhered to these principles, please notify us by e-mail at problems@mondaq.com and we will use commercially reasonable efforts to determine and correct the problem promptly.

    By clicking Register you state you have read and agree to our Terms and Conditions