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Argentine government and YPF clash over the company’s dividends policy

Friday, March 9th 2012 - 06:19 UTC
Full article 39 comments

The relationship between the Argentine Government and the Spanish Repsol-YPF oil company continues to strain in spite of recent announcements and contacts to try and cool the situation. Read full article

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  • GreekYoghurt

    “they do not reflect correctly the company’s current economic and financial situation.”

    Kind of hypocritical coming from a company that regularly produces nonsense through INDEC that doesn't reflect correctly the country’s current economic and financial situation.

    I guess it's what we've come to expect from the pseudo-italiano mafiosa, naughty but hypocrisy.

    Mar 09th, 2012 - 06:55 am - Link - Report abuse 0
  • Frank

    Why is the YPF flag at half mast??

    Mar 09th, 2012 - 07:18 am - Link - Report abuse 0
  • GreekYoghurt

    @2 because it's too impotent to get a full erection.

    Mar 09th, 2012 - 08:33 am - Link - Report abuse 0
  • Teaboy2

    Typical argentine attempt to steal the company shareholders money, asking them to basically forfeit all of 2011 profits so they can be invested in development etc - Doesn't argentina know that they already invest a large amount of shareholders money each year on develop and exploration etc? This is nothing but a attempt to steal money from the company in broad daylight. Also how the hell would they know what the true economic and financial state of the company is? They are talking trash as usual, in an pathetic attempt to get what they want, in the hope no one sees what they are doing, when its obvious the whole world what they are doing.

    This will put companies off investing in argentina and will make some even pull out of the country all together due to government interference. Jesus, i though the UK and EU had too much red tape, but argentina just takes the piss and wins by a mile when it comes to government red tape and control. Tell you what, if i had invested in argentina with my company, you would never see a single argentine on the board as am the sole owner and have no board or share holders, so would love to see them get round that one, by demanding i give them shares in my company - I don't think so, as 1 that would be illegal. I could see it now, myself on one side of the board table and the argentine government muppet on the other side, demanding a share of the company - My response would be am the sole share holder and am not fucking selling, now piss off!

    Mar 09th, 2012 - 09:03 am - Link - Report abuse 0
  • GreekYoghurt

    @4 You're 100% right. It's a derivation of the fraudulent activities associated with the 'bait and switch' strategy. Set them up so that they invest in infrastructure making them think that they're safe from nationalisation, then as a significant portion of the infrastructure development has been completed, you immediately nationalise the company. Thereby taking all their cash. This is just a method of manipulating the shareholders into giving them their money. If they believe the pseudo-italiano mafia are going to give up on nationalising YPF, they're very much mistaken.

    And again you speak the truth as it's more evidence on why other people should not to invest in Argentina.

    Mar 09th, 2012 - 09:17 am - Link - Report abuse 0
  • xbarilox

    More money to Cristina Fernández and friends, that's not very nice peronistas :)

    Mar 09th, 2012 - 02:12 pm - Link - Report abuse 0
  • ChrisR

    So the phone call from the King of Spain was a waste of time? Who would have thought that? Anybody with half a brain.

    Reminds me of Russia and the 'opening' of the economy - until the government decided they owned the petroleum businesses after all.

    Repsol are going to be out of pocket big time over this.

    Mar 09th, 2012 - 02:21 pm - Link - Report abuse 0
  • jerry

    @5 - You are so correct. And then the oil/gas business will follow the lead of the airlines and trains.

    Mar 09th, 2012 - 02:29 pm - Link - Report abuse 0
  • GreekYoghurt

    fooked economy is fooked. We could be talking about spain or arg-mafia-land here.

    @7 The phone call from Spain King was basically a begathon, with him begging her not to nationalise YPF and mafia-ghoul saying she won't but then we all know she will after the investments.

    Mar 09th, 2012 - 02:42 pm - Link - Report abuse 0
  • Brit Bob

    When will the RGs learn - you have to create a busines friendly economy otherwise no one will want to do business with you. Cristina and Co are in charge of a sinking ship.

    Mar 09th, 2012 - 02:52 pm - Link - Report abuse 0
  • GreekYoghurt

    @10 when they ditch the mafia running the show and ditch the peronist ideology? It's basically not going to happen, and they'll continue the 'cycle of phurked' for as long as we'll all be alive.

    Mar 09th, 2012 - 03:00 pm - Link - Report abuse 0
  • Idlehands

    It never ends does it. Mercopress has become the place to be to read the about the latest hilarious machinations of the Kirchner regime.

    I am starting to believe that she really is unhinged and the rest of her government are too weak or besotted to unseat her.

    Mar 09th, 2012 - 04:01 pm - Link - Report abuse 0
  • Martin Woodhead

    Pull stunts like that an oil companies are going to be much happier operating in the Falklands.

    Mar 09th, 2012 - 05:16 pm - Link - Report abuse 0
  • Pugol-H

    YPF will have to be nationalised in the end, because they are trying to run a business and CFK is running a popularity contest, and the two are not compatible.

    No doubt the Spanish will have something to say about it, for all the good it will do them.

    Yet another trade dispute/court case for Argentina, this time with Spain who should be their natural ally because of Gibraltar.

    No honour amongst thieves then.

    Mar 09th, 2012 - 05:26 pm - Link - Report abuse 0
  • GreekYoghurt

    @14 The Spanish will simply turn around and bend over. It's all they're capable of when it comes to the Argentinians.

    Mar 09th, 2012 - 06:21 pm - Link - Report abuse 0
  • Malvinero1

    No honour amongst thieves then.
    You are rigth>uk go to jail!

    Mar 09th, 2012 - 06:22 pm - Link - Report abuse 0
  • BenC30

    @12, @13. You are both totally correct!

    I just think YPF should destroy all the assets and leave the Argentinian government with nothing.

    This is one of the problems when large companies operate in backward countries. The governments of the banana-republics look at the profits of the company and start seeing “dollar signs”. Well.... here is some advice for all of the other large corporations operating inside Argentina. Leave now! Leave them with nothing. Then see how well their so called “good economy” is doing.

    Mar 09th, 2012 - 07:42 pm - Link - Report abuse 0
  • Malvinero1

    This is one of the problems when large companies operate in backward countries. The governments of the banana-republics look at the profits of the company and start seeing “dollar signs”. Well.... here is some advice for all of the other large corporations operating inside Argentina. Leave now! Leave them with nothing. Then see how well their so called “good economy” is doing.
    well I have bad news for you the.Still many large companies operates in Argentina.IBM,Glaxo,GM,Ford,VW,Scania,etc....
    BTW,thye are planning to buy YPF....So..probably the Spaniards already are making a deal.

    Mar 09th, 2012 - 08:28 pm - Link - Report abuse 0
  • The Cestrian

    Utterly scandalous. They are literally a set of thieves. There is no doubt that other companies must surely be looking at Argentina and wonder whether it is worth investing. However the RG govt are too intent on lining their own pockets that they are oblivious to how this looks to the outside world.

    Mar 09th, 2012 - 09:28 pm - Link - Report abuse 0
  • tobias

    The whole world seems to be bending over at Argentina's request at the moment. We put trade barriers on all of Latin American countries, we ban British ships, we deny Germans/Italians any bond restitution, we refuse to agree with Paris on the debt, we restrict Chinese goods, we cut exports of meat to Russia, we seize US military property.

    Nothing has happened. At some point, I have to say the rest of the world are cowards. All the nations of the Earth together can't stand up to Argentina. At least we have the balls to do so.

    :) :) :)

    Mar 09th, 2012 - 09:46 pm - Link - Report abuse 0
  • The Cestrian

    '20

    i think the rest of the world knows that Argentina is attention seeking and no one really wants to negotiate with them as they know it is utterly pointless. People seem to be hoping that they will go away.

    Maybe they all know that Argentina is on the point of collapse and that there will be a new regime in there soon.

    Mar 09th, 2012 - 09:49 pm - Link - Report abuse 0
  • tobias

    I was trolling on my last comment, for full disclosure.

    And what makes you think the new “regime” will be favorable to you? My opinion of British people has not improved since coming to this board. In fact, it's turned far more negative, really. Because I thought you were more “grown up” than us. Wrong.

    Mar 09th, 2012 - 09:51 pm - Link - Report abuse 0
  • The Cestrian

    @22

    I have no faith that you will turn from being a set of up your own arse, demanding children to a mature democracy if a new regime is installed but its worth a try.

    Frankly I dont give two fucks whether you think we are the same as you. I think your government is an utter disgrace and the rent a mob owned by the Presidents son are ltitle more than The Hitler Youth League. You may well be one of them.

    i think you are a very sinister country and virtually every story I read about you is bad news.

    Mar 09th, 2012 - 09:59 pm - Link - Report abuse 0
  • tobias

    That's because you are a biased individual, hates all Argentines merely on their nationality, and goes about life with no concept of objectivity.

    Argentina has some great stuff going on outside the government in terms of women's rights, gay rights, culture revival, wine industry, a lot of which would show up in your “flawless” media (newspapers and the like). Just because you ignored does not make your statements of Argentina right, it simply makes you a fool.

    Mar 09th, 2012 - 10:04 pm - Link - Report abuse 0
  • The Cestrian

    @24

    You and your government are a totally untrustworthy nation. I think most country's are now getting this message. You renage on everything, are prepared to steal other companys to keep yourselves a float and will try every trick in the book to lie and cheat yourself to getting what you want.

    Your crying and wailing over the FI is frankly embarrassing and your flag burning is cringeworthy. Do you seriously think that anyone bar Castro and Chavez, neither who have very long left it seems, think that this is the action of a stable democracy?

    You are a thoroughly unpleasant country.

    Mar 09th, 2012 - 10:12 pm - Link - Report abuse 0
  • tobias

    Actually, CFK has double crossed Chavez recently too. There is consistency in the policy.

    Nope, we are not umpleasant (except the politics).

    Mar 09th, 2012 - 10:17 pm - Link - Report abuse 0
  • GreekYoghurt

    @24 Don't worry about Tobias, he's just upset because he's easy to troll, and ends up looking a bitter bitter knob.

    It's just how Argentinianians are. They cannot help it.

    (source: http://www.youtube.com/watch?v=ebYN0chFJp8)

    Mar 09th, 2012 - 10:21 pm - Link - Report abuse 0
  • tobias

    Well, I don't troll, simply because I'm intelligent and articulate.

    Mar 09th, 2012 - 10:25 pm - Link - Report abuse 0
  • briton

    We have no sympathy for the Spanish, they are just as greedy and selfish, they to perceive the brits as weak, as to press there claim, despite the fact they have territory as well as being broke .
    They deserve what they get, using others to distract from their own problems,
    But it will get them nowhere,

    .

    Mar 09th, 2012 - 10:31 pm - Link - Report abuse 0
  • GreekYoghurt

    @28 we know you don't troll. But you are very very easy to troll.

    Trololololololol

    Mar 09th, 2012 - 10:36 pm - Link - Report abuse 0
  • Idlehands

    20 tobias (#)

    Though admitting he is trolling in this post at least Tobias is an Argentine that acknowledges the numerous incidents with other nations that the CFK government has initiated.

    However I don't think the world is bending over - I think it's more a case of bafflement at the moment. I don't think the counterparts in each instance know what to make of it and because they are so wide ranging and varied there have been no natural bedfellows combining to create a unified response.

    Some of it seems so crazy that they may believe the CFK government will fall off the rails by itself without the need for international pressure.

    I can't believe there are not many Argentines who are utterly embarrassed by some of it - probably not in relation to the Falklands but in many of the other cases. There seems to be a total lack of understanding of international norms and how the rest of the world interacts.

    The developed world always tries to draw other nations into the fold as a first response so I imagine there are lots of diplomats running around trying to be firefighters at the moment. However I think it may reach a point where they don't bother and will act unilaterally in their own interests instead. I would expect trade wars to be the most common and likely responses where trade is the main issue. No country is going to allow Argentina to implement trade sanctions that are designed to advantage Argentina without responding in kind at some point.

    The UK government often does things I find mildly embarrassing but they are very low key compared to Argentine actions which are truly off the scale at times.

    If I were Argentine I'd be cringing but there don't seem to be any Argentine posters that do. It is incomprehensible to me. In the UK you get every viewpoint from every angle on a message board.

    Mar 09th, 2012 - 11:43 pm - Link - Report abuse 0
  • GreekYoghurt

    @31 if I was in Argentina, I'd probably be cringing from having the Hitler Youth 'Le Camping' group smash up my shop like Nazis and write 'Jew' on the front and then suddenly become mafia and demand protection money.

    Is there any malevolent organisation from history that hasn't sent it's worst people to Argentina?

    Mar 10th, 2012 - 12:16 am - Link - Report abuse 0
  • Cero

    you are nazis, and thieves. and what happends in argentina is not your bussiness. get out

    Mar 10th, 2012 - 05:50 am - Link - Report abuse 0
  • GreekYoghurt

    @33 Urm, are you a child? you argue like a child.

    We're out of Argentina, no one in their right mind wants to go there and be harassed by the Hitler Youth group 'Le Camping'. Besides you might think I look too brown and try to push me under a train.

    Mar 10th, 2012 - 09:06 am - Link - Report abuse 0
  • Xect

    I like it when Argentinians call the British Nazi's, its genuinely funny.

    It's funny because the British killed nazi's whereas Argentina give them homes and immunity after the war.......

    Mar 10th, 2012 - 11:31 am - Link - Report abuse 0
  • GreekYoghurt

    @35 What makes it more funny, is the British still don't like Nazis and there is a whole pocket of them remaining to be dispatched in South America.

    Mar 10th, 2012 - 01:25 pm - Link - Report abuse 0
  • briton

    and it still has nazi helpers like pepegalleta
    beefing up there indocrination .

    Mar 10th, 2012 - 07:17 pm - Link - Report abuse 0
  • Martin Woodhead

    Hey at least the nazis got the trains to work.
    Too soon ?

    Mar 10th, 2012 - 09:00 pm - Link - Report abuse 0
  • Cero

    34 greek
    ni, i'm not. don't talk nonsense. how much does uk pay you to talk so many craps?

    Mar 10th, 2012 - 10:20 pm - Link - Report abuse 0

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