The government of Javier Milei formalized the start of the partial privatization of Nucleoeléctrica Argentina SA (NASA) , the state-owned company that operates the country's nuclear reactors, as part of its plan to dismantle the state. The measure, formalized by the Ministry of Economy, involves the sale of 44 percent of the company's shares through an international public tender, although the state will retain a majority stake and strategic control.

The political decision is based on Article 8 of Law 27,742, which at the time declared NASA "subject to privatization" under the terms of Law 23,696. This divestment scheme, while enabling the participation of private capital, imposes a fundamental condition: the Argentine State must retain 51 percent of the shares and the affirmative vote in matters considered key, such as the expansion of installed capacity or the construction of new nuclear power plants.

The measure, signed by Economy Minister Luis Caputo, represents another step in the reconfiguration of the energy sector and in Javier Milei's administration's strategy to reduce state intervention in public companies. The search for private investors in a sensitive and strategic sector like nuclear power is generating widespread debate in the country, especially among those who defend national technological and energy sovereignty.

The sale of 44 percent of NASA will be managed by the Temporary Special Executive Unit “Agency for the Transformation of Public Enterprises ,” under the Ministry of Economy. Regulations stipulate that this bidding process, which will be both national and international, must be completed within a maximum of 12 months , thus emphasizing the urgency of transferring the nuclear company's assets and capital.

As part of the transfer plan, an Employee Stock Ownership Program will be created , allocating 5 percent of the company's share capital to its employees. This program will be coordinated by the National Directorate of Asset Regularization, in conjunction with the Ministry of Labor, Employment, and Social Security , seeking to partially mitigate the impact of privatization on the workforce.

The technical process of the sale requires thorough preparation. The Ministry of Energy will be responsible for preparing the inventory of assets and all technical, corporate, and contractual documentation.

Likewise, the valuation of NASA's shares must be carried out by a public banking entity, or failing that, by international or private organizations that do not have a stake in the purchase process to ensure transparency.

The published regulations mandate a review of the company's bylaws to adapt them to the imminent incorporation of private capital. Although the government seeks to facilitate investor participation, it insists on preserving state control over strategic aspects of the nuclear program, a constant point of contention in the debate surrounding the neoliberal plan in the South American nation.