New YPF management says gas supply is guaranteed, in spite of Repsol
The current managers of YPF accused Spain’s Repsol of deliberately delaying or ignoring contracts to supply Argentina with liquid natural gas, following the seizure of a majority stake in the company belonging to the Spanish corporation.
However the supply of that fuel is “guaranteed” with a greater domestic production and “new volumes” to be purchased from Bolivia, said a Sunday release from the Ministry of Federal Planning which has taken over the seized YPF.
“Anticipating with a high degree of certainty that Repsol would suspend the liquid natural gas contracted shipments to generate uncertainty and attempt to damage the company” the current managers of YPF have began negotiations with “other companies that have shown an interest in supplying the fuel”, added the release.
Repsol which has seen 51% of its majority stake in YPF and holdings in YPF Gas taken over by the Argentine government cancelled ten shipments of liquid natural gas with the excuse of delays from the Argentina’s Energy company Enarsa in signing the letters of credit, according to reports in the Buenos Aires press.
The first Repsol shipment was expected in mid May in Bahia Blanca, where there is liquid natural gas terminal and sufficient storage for the fuel.
The release adds that the new YPF management has taken the necessary measures to help reverse a situation of ‘fuel scarcity’, since daily production of natural gas has been increased to an average of two million cubic metres per day.
To this must be added, as of next week, the 3 million cubic metres from Bolivia as part of the bilateral agreement to provide the fuel, and which was signed in March 2010, meaning that daily provision to the Argentine market has now an additional five million cubic metres of natural gas.
During 2011, “while YPF was under the control of Repsol Argentina had to import over 9.3 billion dollars in fuel because of the collapse in the company’s output of oil and gas”, underlined the release adding that Argentina then had to buy overseas the fuels that “Repsol could and should have produced”.
“This new non compliance of Repsol does not surprise and only ratifies the strategic decision, from the government of President Cristina Fernandez in recovering for the Argentines control over YPF and its fine tuning with the needs of the country”.
Argentina’s Lower House is scheduled to debate on Wednesday the definitive approval of the bill which implements the expropriation of YPF, an initiatives which received an overwhelming support in the Senate including from the main opposition parties.
However Repsol in these last days has published full-ad pages in the Argentine media rejecting government statements that it did not invest sufficiently in YPF, of which it holds a 57.43% stake, or that it has emptied the oil company, which are some of the several arguments used by the government of President Cristina Fernandez to seize the company.
Last week the new management of YPF said that since taking over it had increased the output of gas by 5% and oil by 0.7%. The release said that gas production had jumped to 1.7 million cubic metres per day, and 1.500 additional barrels of oil were being pumped daily.
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Aerolingus Maximo Argentina - Ruined by La Campora
Argentina - Ruined by La Campora
YPF - Being ruined by La Campora
The funniest thing is, Argentinians think it's great, and corruption is awesome.
This gas shortage must be catastrophic!
Also I'm sure that most of the RGs know that the gas pipelines from Bolivia don't go to BA where they need the gas. The NW provinces will have gas but there is little population and very few factories so I don't know who they think they are fooling.
a) Argentina steals something of great value from Repsol, going against the constitution, basic contract law and bilateral agreements.
b) Argentina then demands that Repsol continue to fulfil a contract that was made prior to the theft, because of contract law.
Urm.. does anyone else see the parallels-of-illogic between this and Falklands negotiations?
a) Argentina invades the Falklands, going against international law and the UN.
b) Argentina then demands that the UK negotiate sovereignty, stating UN resolutions from before the invasion.
Seriously, are they collectively this retarded?
It's like a man going on a date with a lady, the lady saying she is ready to sleep with him. Then the man rapes the lady, turning her into a victim of a crime. Afterwards he goes to her house expecting her to be all nice and then demanding that she sleeps with him like she promised before the rape.
Are you really that naïve? Just ask yourself, what would Billy Bragg do?
He would get drunk, pen a best selling album out of the experience that was so far ahead of its time it would leave everyone in the music industry stunned.
No one would understand it the time but years later it would held up at a shinning example that the road to enlightenment is truely paved by excess.
He would probably get a posthumourous Knighthood out of it as well......... why do you ask?
*hums to talking with the taxman about poetry*
China, flush with billions of dollars, will be “invited” to invade Patagonia to “assist” CFK's government to develop the oil and gas YPF shale reserves, (and insure that they get their shipments of production as promised.) Argentina will receive an increase of Chinese exports with highly preferential rates in violation of Mercosur agreements, but will arrive anyway as bilateral “barter agreements” which will economically harm Uruguay and infuriate Brazil.
Maximo will have no problem financing his upcoming presidential campaign and his rallies will be popular with free flowing Quilmes and unlimited choripan.
Residents of Buenos Aires will start to be seen wearing pins with pictures of Nestor, Cristina, and eventually Maximo, on their lapels...
“...and they all lived very happy forever...”
Am I wrong?
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