The Economic Ministry announced that Argentina will fill its oil needs from Iraq and Saudi Arabia rather than from Ecuador, Venezuela and Mexico, the Latin American sister republics that have provided the country with crude oil in the past. Oil comprises about seven percent of the country’s imports.
The announcement was made following the visit here of an Arab economic delegation representing both the moderate and “rejectionist” Arab states. Their mission was to stimulate trade with Argentina, especially food products which the Arab countries need to import. The delegation met with Economic Minister Jose Martinez de Hoz and other officials. According to press accounts, Middle. East political problems were not discussed.
It was disclosed, meanwhile, that Argentina will seek eventual self-sufficiency in oil. The State-owned petroleum company, YPF, will receive large credits to explore locally for new oil sources.
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