Tag: YPF ArgentinaYPF Argentina
Falklands: “British sovereignty over the Islands as such, is not accepted by the European Parliament”
“British sovereignty over the Malvinas Islands as such is not accepted by the European Parliament”, according to a visiting delegation of EU lawmakers who met with their Argentine peers in Buenos Aires.
Argentina’s energy imports during April soared 47.6% over a year ago reported the government mainly because of massive natural gas purchases for the coming winter. The bill in April climbed to 733 million dollars from 384 million a year ago, while Enarsa the government corporation that has the monopoly of LNG imports spent 438 million this year and 259 million in April 2012.
Argentina's nationalized energy company YPF will sue the head of Repsol SA over accusations that YPF's board members were overpaid when the Spanish oil major held a majority stake in the company, the government said.
Concern over Argentina's erratic policy on foreign investments is pushing regional business entrepreneurs toward caution and or keeping them away from South America’s second largest economy. Argentina nationalized Spanish oil major Repsol's majority stake in local energy giant YPF last year, a move that triggered alarm in the international investor community.
YPF the oil company seized by Argentina’s government last year has lost an arbitration case with a Brazilian company that may cost as much as 1.6 billion dollars in indemnity payments. There was an immediate reaction and YPF shares lost the most among Argentina’s major stocks, 3.6%.
Spain’s Foreign Affairs Minister José Manuel García Margallo said the Spanish government is no longer “discussing” Argentina’s “sovereign decision to seek energy sectors’ control.” “It could seem to me a mistake, but it is the responsibility” of the Argentine government, García Margallo stated.
Spains’s Repsol SA said on Thursday its first-quarter profit jumped 38% on the year, mainly due to higher production and refining margins.
Argentine nationalized energy company YPF warned on Tuesday that inflation in the country may keep rising and affect its results, a rare admission considering the company is controlled by a government known for playing down the problem.
Almost four million barrels of diesel and gasoline were shipped from Europe and the US to Argentina where a recent major fire in the country’s main refinery significantly diminished the supply of refined produce. The situation could extend for another two years, according to private estimates from the oil industry.
Argentina’s President Cristina Fernández takeover of YPF to pare energy imports is backfiring and threatening to narrow the country’s trade surplus needed to pay debt, according to a report from Bloomberg.