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Cristina Fernandez admits the challenge of turning YPF competitive and efficient

Friday, May 4th 2012 - 06:15 UTC
Full article 87 comments
The Argentine president said she’s not stubborn or obstinate, rather listens to better ideas The Argentine president said she’s not stubborn or obstinate, rather listens to better ideas

President Cristina Fernández said that YPF will be a “great challenge for Argentina” since it will have to turn into a modern competitive oil company in line with the interests of the country.

“We need YPF to be aligned with national interests. It is a lie that the interests of a private company cannot be in line with those of a country. This will be a great challenge for us” said the president while inaugurating a meat processing plant in the Greater Buenos Aires area.

She also blasted hedge funds and vowed “to never allow them to set their eyes in our country and our companies ever again”.

“We would have liked that those who had the responsibility of investing, had done so, but we had to take over the company, as we did with Aerolíneas Argentinas”, in direct reference Spain’s Repsol who had the majority of YPF.

The Argentine president also made a side reference to those in Congress who remembered she and her late husband Nestor Kirchner supported the privatization of YPF during the late nineties, under President Carlos Menem. Furthermore there are plenty of records from the time where Kirchner can be seen praising Menem as the best Argentine president in decades.

“I’m stubborn and obstinate but not senseless: when I make a mistake I admit it and I don’t insist in mistakes. Take notice of what I have said”, underlined CFK. “What really matters is that the Argentine flag is never again lowered in our fatherland”.

“I like to listen and when someone has better ideas, I feel delighted in going ahead with them”.

However the main challenge is not managing a competitive company but ensuring sufficient supply of fuels in the coming winter months.

Argentina’s oil production dropped to 35.3 million cubic meters in 2010 from 45.4 million in 2001, according to the most recent data published by the Argentina Oil and Gas Institute. YPF produces about 34% of the country’s crude. Economic growth will slow to 3% this year from a yearly average of 7.7% since 2003.

Categories: Politics, Argentina.

Top Comments

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  • GreekYoghurt

    She's officially become Hitler, and this has officially become the 4th Reich.

    Aerolíneas Argentinas has been looted and ruined by La Campora. Expect the same of YPF.

    May 04th, 2012 - 06:31 am 0
  • toooldtodieyoung

    1 GreekYoghurt

    Stealing is stealing. If you are going to steal at least have the courage to say “We have stolen from you”. Don't dress it up like you are doing it for anything other than lining your own pockets.

    It is obvious now to anyone who hasn't been brainwashed, what is going on here, but the cheering masses still cheer and urge her ever onward. like they are going to benefit from her ruining their country.

    Her comments that have been printed above are breathtaking in their arrogance,

    “I’m stubborn and obstinate but not senseless: when I make a mistake I admit it” Talk about being in denial.

    I wonder how loud the crowds will cheer when their stomachs are empty. I wonder who they will blame then............

    May 04th, 2012 - 08:50 am 0
  • GreekYoghurt

    @2 You forget that people like you and I have a system of morals that make us human. Argtards such as these have absolutely no moral structure, and think that theft and lies are an important part of their existence.

    Just be happy you don't live there.

    May 04th, 2012 - 09:31 am 0
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