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.
Argentina’s largest energy company YPF, dropped the most in the Buenos Aires Stock Exchange’s leading share index on Wednesday after the federal tax agency banned it from importing and exporting because of an unpaid tax bill.
Energy company YPF announced the finding of conventional oil at the Cuenca Neuquina, in the Chachahuén bloc, at the Southern area of Mendoza province, that is equivalent to 40 million barrels.
YPF Argentina reported Tuesday that its first offshore well drilled in the so called Malvinas basin proved dry. The operation was equally shared with Brazil’s Petrobras and Pan American Energy, a Chinese-Argentine group.