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Repsol’s numbers are ‘false’ and caused ‘great damage’ to the Argentine economy

Thursday, April 26th 2012 - 01:21 UTC
Full article 21 comments

Three Argentine ministers denied as “false” that YPF, under control of Spain’s Repsol had invested more than 20 billion dollars in the company since 1999, arguing the fall in Argentine oil and gas production and reserves is clear evidence of that. Read full article

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  • Chicureo

    UK Foreign Secretary William Hague has hit out at Argentina and China after their governments announced today that the seized petroleum reserves of a Spanish-controlled energy firm would now be developed by PetroChina and the Sinopec Group. “It was all in bad faith as they seem to have planned stealing it all along...” the Foreign Secretary was quoted.
    Argentina earlier had sent shock waves through the oil industry by announcing plans to nationalise local oil assets controlled by Spanish company Repsol.
    Mr Hague warned the move by President Cristina Fernadez to take over a large part of YPF, the country's biggest oil company, was part of a wider protectionist agenda and that her eventual strategy was to seize the Falklands offshore petroleum fields as well.
    Mr Hague's criticisms come as it has been reported the takeover scuppers years of planning by China's Sinopec Group to buy YDF.
    Sources told Chinese website Caixin.com that Sinopec had held talks with Repsol to buy its controlling 57% stake in YPF.
    Caixin.com cited a source as saying Sinopec, China's second-largest oil company, had reached a non-binding agreement to take over YPF for more than £9bn.
    The Caixin.com report said Sinopec was still in talks with Repsol to buy YPF despite the nationalisation threat and the Financial Times said Repsol had not informed Argentina of the discussions with the Chinese oil firm. PetroChina that it was announced today would be spearheading the new reorgaization of YPF had no comment.

    Apr 26th, 2012 - 01:40 am - Link - Report abuse 0
  • toooldtodieyoung

    I'm not saying that the Argentinians have been cooking the books while conducting their “Audit”, that would be wrong and they would never do anything like that........... but keeping those books “warm”.......?

    Apr 26th, 2012 - 07:01 am - Link - Report abuse 0
  • British_Kirchnerist

    I always doubted the 20 billion figure. Either they were lying or they made such a big sum go remarkably un-far

    Apr 26th, 2012 - 08:28 am - Link - Report abuse 0
  • JuanGabriel

    maybe they meant 20bn peso? was $20bn in 1999, now around $20

    Apr 26th, 2012 - 09:57 am - Link - Report abuse 0
  • Idlehands

    The Big Mac Banditos accuse others of fiddling the figures.

    Would they like free fries with that?

    Apr 26th, 2012 - 10:05 am - Link - Report abuse 0
  • GreekYoghurt

    It's quite clear that the la Campora imbeciles now running YPF have been planning the theft for quite a while, showing clear premeditation through conversations with the Chinese.

    It's very interesting to see how people with no moral or ethical code justify their illegalities.

    What's interesting is that 62% of Argtards support the theft, just like huge numbers of Argtards supported the Junta's invasion of the Falkland Islands in 1982. Except Argtards are pathologically incapable of taking any responsibility for their actions, and blamed the Junta or UK for invading the islands. Now who are they going to blame for the clear theft of YPF in 30 years when they're all living in skips and eating leaves?

    I certainly wouldn't invest in them, as this leopard never changes its spots.

    Apr 26th, 2012 - 10:15 am - Link - Report abuse 0
  • Idlehands

    Give it 10 years when the Argentine's are being crushed under the economic might of the Chinese jackboot and they'll be claiming they've been culturally and economically oppressed thanks to a small corrupt clique that didn't represent the people after all.

    Apr 26th, 2012 - 10:22 am - Link - Report abuse 0
  • GreekYoghurt

    @7 I doubt it's going to be 10 years. I'd give it 5 at this rate.

    Apr 26th, 2012 - 11:16 am - Link - Report abuse 0
  • Chicureo

    Comment removed by the editor.

    Apr 26th, 2012 - 11:46 am - Link - Report abuse 0
  • yankeeboy

    6. When they defaulted on their International Debt the Senate gave the Prez a standing ovation! That is the kind of people that they are...

    Apr 26th, 2012 - 11:52 am - Link - Report abuse 0
  • reality check

    In the end it is all down to who you believe?

    Apr 26th, 2012 - 11:53 am - Link - Report abuse 0
  • Chicureo

    #11 RC Exactly! I find this all so very concerning. CFK has sold her people's patrimony to China!

    China Plans Shale-Gas Investment in Argentina
    By Aibing Guo - Apr 26, 2012 5:36 AM AT

    China, holder of the world’s biggest shale-gas reserves, plans to speed up exploration of the resource by jointly developing the newly nationalized YPF company recently nationalized by Argentina. Jointly developing the Argentina reserves will be spearheaded by PetroChina Co. which plans to invest three times the minimum amount earlier requested by the Argentine government.
    The new proposed YPF management team is tentatively planning to propose seizing fields from other companies that fail to invest at least 30,000 yuan ($4,747) per square kilometer annually, Zhang Jianfeng, a director at the companie’s research institute, said in an interview today. Explorers will have three years to meet the requirement, he said.
    Argentina holds 25.08 trillion cubic meters of exploitable reserves of the unconventional fuel trapped in shale rock, the company said, citing a nationwide survey. The Argentine government has pledged to prioritize land approvals, allow tax- free equipment imports and offer subsidies to explorers.
    The policy “will certainly prevent companies from sitting on acreage,” Neil Beveridge, a Hong Kong-based analyst at Sanford C. Bernstein & Co., said in an e-mail.
    The proposed rules will be similar to those for conventional oil and gas exploration, where the minimum annual investment requirement is set at 10,000 yuan per square kilometer, Zhang said in Beijing, while attending a two-day Shale Gas Summit organized by Centre for Management Technology.
    More than 100 Chinese companies have qualified to participate in Argentina’s second auction of shale exploration area, which will likely be held before July, the official said. The Argentine government will offer at least 20 areas, he said.
    To contact the reporter on this story: Aibing Guo in Hong Kong at aguo10@bloomberg.net

    Apr 26th, 2012 - 12:09 pm - Link - Report abuse 0
  • GreekYoghurt

    @12 Sure, I wonder how much money was placed in Maximo's bank account for this little move?

    Apr 26th, 2012 - 01:02 pm - Link - Report abuse 0
  • jerry

    #13 - I do not think that I can count that high!

    Apr 26th, 2012 - 02:52 pm - Link - Report abuse 0
  • Conqueror

    @9 Reported for repeated trolling.

    Apr 26th, 2012 - 03:39 pm - Link - Report abuse 0
  • tobias

    Conqueror reporting Chichureo for trolling is like CFK reporting Repsol for fudging numbesrs.

    Oh wait.

    (what did you say Chichureo?)

    Apr 26th, 2012 - 05:16 pm - Link - Report abuse 0
  • ChrisR

    3 British_Kirchnerist “I always doubted the 20 billion figure. ”

    WHY? It's only ten times what FatBoy pocketed after the Aerolineas robbery.

    And would YOU invest money getting oil out of the ground when you ”Obnoxious Queen' only pays you U$D 42 / barrel for it when the international price was U$D 100 / barrel.

    Oh! I forgot. YOU don't invest your money do you? You live off the backs of people like me and my wife who work all their life in order to support the Scotts layabouts who prize themselves as Old Scottish Labour aka 'The Commies' and the other idle bastards who do nothing but whinge and moan whilst watching the TV, smoking a fag with a beer in their hand.

    Apr 26th, 2012 - 07:05 pm - Link - Report abuse 0
  • toooldtodieyoung

    17 ChrisR

    They are called chav's. Always in the newagents early on a Thursday morning buying their fags and six packs of “wife-beater” Lager.

    Call their kids “Mercedes” or “Chardonnay”. They're biggest dream is to get on the “Jeremy Kyle show” and live off benefits for the rest of their lives. Is it me or isn't this all just a little bit sad?

    Apr 26th, 2012 - 08:13 pm - Link - Report abuse 0
  • GreekYoghurt

    @16 tobias, how much did Maximo get in his swiss bank account for this little move?

    Apr 26th, 2012 - 10:08 pm - Link - Report abuse 0
  • J.A. Roberts

    I did wonder why our old friend Axel Arg had not been on these pages recently. I guess his survey has been put on the back burner too...

    Apr 26th, 2012 - 11:08 pm - Link - Report abuse 0
  • Conqueror

    “Repsol’s numbers are ‘false’ and caused ‘great damage’ to the Argentine economy”.

    Oh good! More, more, more.

    Apr 27th, 2012 - 07:05 pm - Link - Report abuse 0

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