Call for Tenders to Privatize Belgrano Cargas

The Ministry of Economy issued Resolution 1350/2026 on August 20, 2026, which authorizes the call for National and International Multi-Stage Public Tender 504/2-0004-LPU26, as part of the privatization process of Belgrano Cargas y Logistica SA (BCyL). The tender procedure will be conducted through the CONTRAT.AR platform.

BCyL was included among the entities subject to privatization pursuant to Law 27742. Later, Decree 67/2025 authorized the full privatization of BCyL through the separation of its various business units. The privatization scheme contemplates, among other measures, selling rolling stock, granting concessions over the railway infrastructure and adjacent properties, and granting concessions to use railway workshops.

The tender launched covers the concession of the railway infrastructure and adjacent properties, together with the sale of BCyL’s rolling stock. Two additional procedures contemplated under the privatization process remain to be launched: one for selling the remaining rolling stock and another for the concession of the railway workshops use.

Main features of the tender

The tender is structured into three independent lots, corresponding to the Belgrano, San Martin, and Urquiza lines. For each line, bidders may submit either an offer limited to the award of the relevant concession (Offer A) or an offer that also includes the purchase of the corresponding rolling stock lot (Offer B).

Each concession will have a term of 50 years, starting on the date on which the concessionaire takes possession. The scope of the concessions will include the administration and maintenance of the railway infrastructure, traffic management, and the performance of the works contemplated in the tender documents.

The concessionaires will be required to complete the mandatory works applicable to each line within the first five years of the concession. These works may receive partial financing from the trust funded with the proceeds of the sale of the rolling stock. Bidders may also undertake to perform optional works, which will not be eligible for financing from the trust.

The concessionaire's remuneration will include a track access fee payable by railway operators using the relevant infrastructure. Each bidder must propose a maximum track access fee within the minimum and maximum thresholds established for the corresponding line. The maximum track access fee will be subject to annual adjustments and to a 15% increase upon the commissioning of the mandatory works.

The evaluation of bids will take into consideration both the proposed maximum track access fee and the mandatory and optional works, in accordance with the evaluation formula set forth in the tender documents. Including the purchase of rolling stock in an Offer B will not confer any preference in the order of ranking.

The tender documents also contemplate the possibility of the successful bidder requesting that the project be included under the Large Investment Incentive Regime (RIGI), subject to complying with the requirements established under the applicable regulations.

Key dates

Questions regarding the tender documents may be submitted through CONTRAT.AR until October 28, 2026, at 10:00 AM.

Bids must be submitted by November 11, 2026, at 9:59 AM, and will be opened on the same day at 10:00 AM, also through CONTRAT.AR.

The tender documents provide that the dates established for the procedure may be amended by means of a clarification notes.

To submit requests for clarification or bids, interested parties must first register on the CONTRAT.AR platform. Since this process may require preparing extensive documentation and, in many cases, obtaining legalizations and translations, it is advisable to begin the registration process well in advance.

The call for tenders constitutes a further milestone in the privatization of BCyL and in the implementation of the privatization framework established by Law 27742.