Argentina's state-owned oil company YPF will pay US$ 114 million to Transportadora de Gas del Mercosur (TGM) to end a conflict that began in 2009 when the company suspended the shipment of natural gas.
Planning Minister Julio De Vido denied that the Government plans the “intervention” of the energy sector and clarified that “we demand investment and production plans. This is not an intervention, simple more planning.”
Venezuelan President Hugo Chavez advised Repsol to seek a friendly agreement in its dispute with Argentina and noted that the Spanish energy company held important assets in his country.
Argentine seized YPF energy company informed on Friday that its American Depositary Shares (ADS) were listed back in to trade in New York after being de-listed for almost two months for not complying with auditory regulations.
Miguel Galuccio the new CEO of seized oil corporation YPF had already discussed conditions with the Argentine government for the job back in 2009, reveals the Spanish press. At that time no agreement was reached because the salary and other conditions he demanded were considered excessive.
The Argentine government expressed “great concern” on Monday following the decision from the Spanish government to ban bio-diesel “not produced within the European Union” from the country.
After a two-day session, Argentina’s Lower House voted late Thursday night 207-32 in favour of expropriating energy corporation YPF, clearing the way for President Cristina Fernandez to sign the controversial bill into law.
Argentine President Cristina Fernández de Kirchner sent to Congress a draft bill to expropriate Spain’s Repsol’s holdings of YPF oil and gas company. The announcement was made on Monday at the Government House during a sudden meeting with officials, political leaders, unionists and businessmen.
The CEO from Spain’s main oil corporation Repsol, Antonio Brufau said that there should be no speeches or attempts to impose, but rather more dialogue, in direct reference to the ongoing conflict with the Argentine government over the possible takeover of the YPF branch.
Foreign Affairs minister Jose Manuel García-Margallo assured that the Spanish government “is doing what must be done” to defend the interests of Spanish companies in Argentina, but has avoided releasing details.