Argentina finalizes conversion of 11 state-owned companies into corporations

The Argentine government opened state-owned company Argentine Railways to privatization this week, taking the number of public ventures opened to private capital in 2025 to 11. Since the beginning of the Milei administration, a total of 19 companies have been either privatized or opened to a corporate bid for ownership. The Argentine Railways is a public holding company that has managed the bulk of the national railway network since 2015. The elimination of the “state-owned company” legal designation, a process that opened them up to private ownership, was one of the key stipulations of the Bases Law passed in 2024. In a statement issued on Monday, General Justice Inspector head Daniel Roque Vítolo said that privatizations are aimed at “placing state-owned companies on an equal footing and making them competitive with the private sector.” Vítolo added that President Javier Milei intends to transform “the business structure that had taken root in the state,” a project the government official said was initially met with “skepticism.” “Today, seeing that the objective has been achieved, that skepticism has disappeared, and hope has been reborn,” he added. The 11 companies subjected to privatization in 2025 are the following: The Railway Infrastructure Administration The General Port Administration “Contenidos Públicos,” which owns several TV channels Educational platform Edu.Ar The Argentine Air Navigation Company Fabricaciones Militares, a military supply manufacturer The Railway Operator company, Argentina Radio y Televisión, which operates several radio stations and TV channels, The mint, whose plants the national administration had shut down last year News agency Telam, which the government shut down in 2024 During the Milei administration, eight other companies, which are owned by the state but not listed as “state-owned,” were declared “subject to privatization” by the Bases Law: Enarsa, the country’s main energy company, whose assets the government is already selling Nucleoelétrica Argentina, which the administration put partly on sale earlier this year, Yacimientos Carboníferos de Río Turbio, which the government turned into a corporation, while maintaining 51% of its ownership Intercargo, the company responsible for operational services related to aircraft takeoff and landing. The government has already started the privatization process Water and sanitation company AySA. Privatization was announced in 2024 Train company Trenes Argentinos, which was turned into a corporation Railroad company Belgrano Cargas Corredores Viales, which builds and maintains roads In its August 2025 review of the economic program, the International Monetary Fund (IMF) listed the “privatization of state-owned enterprises” as a way the government will finance the “current account deficit” and boost reserve accumulation.