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Repsol cancels contract to supply Argentina with LNG; YPF ensures supply

Friday, May 18th 2012 - 22:39 UTC
Full article 32 comments

Spain’s Repsol has cancelled its contract to supply Argentina with liquefied natural gas (LNG), just weeks after the country seized control of the company's majority stake in YPF, a document obtained by international news agency Reuters showed. Read full article


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  • stick up your junta

    That's made my day, that has.are they still not unloading British LNG carriers? :-)))))

    May 19th, 2012 - 06:34 am - Link - Report abuse 0
  • JuanGabriel

    When is the real crunch time going to come on this? July/August?

    May 19th, 2012 - 07:25 am - Link - Report abuse 0
  • British_Kirchnerist

    “Repsol said in a letter to Argentine state energy company Enarsa, dated May 17, that Enarsa had breached the LNG contract by seeking to renegotiate the price of shipments and modify the timetable for deliveries”

    Aye right thats the reason, this is revenge pure and simple, but thanks to Bolivia it won't work

    May 19th, 2012 - 07:32 am - Link - Report abuse 0
  • stick up your junta

    this is revenge pure and simple

    Best served cold, Brrrr! :-)))))

    May 19th, 2012 - 07:47 am - Link - Report abuse 0
  • reality check

    Bolivia, what fine upstanding people, sharing the hardships of their Argentinian brothers, so charitable, really admirable, no shortages of LNG then.
    By the way, you watching the real Queen on telly this morning, going to be a lovely parade, fly past promises to be spectacular.

    May 19th, 2012 - 09:22 am - Link - Report abuse 0
  • yankeeboy

    3. Only problem is the pipes from Bolivia don't reach BA where they need the gas. Funny CFK left that out of the press release.

    May 19th, 2012 - 10:22 am - Link - Report abuse 0
  • Joe Bloggs

    The Argentine government seems to think it can breach contracts, ignore rules and make up their own laws (that are contrary to international laws) to suit their own twisted version of life. It's like 6 year olds in the playground at school making the rules of a game they've just invented.

    May 19th, 2012 - 11:56 am - Link - Report abuse 0
  • ChrisR

    This has nothing to do with revenge by Repsol but the fact that Argentina cannot be trusted at any level of business.

    I hope and trust that Repsol managed to get more money for the LNG than the Argies wanted to pay AND 180 days credit.

    Anybody in their right mind want to give an Argie credit (the idiot despicable Scott exempted)? LOL

    May 19th, 2012 - 01:06 pm - Link - Report abuse 0
  • reality check

    I have a solution that will assist both the energy and agricultural sectors.
    Cowpats and straw. Mix together libarally, flatten out into cakes and slap against the walls of homes to dry. Hey presto, heating problem solved.

    May 19th, 2012 - 02:07 pm - Link - Report abuse 0
  • yankeeboy

    Idiotic CFK minion was guaranteeing the the gov't would divert nat gas supply away from business to homes if there was a cold snap. The problem is this is not a 1-2% volume decrease like in previous years but a 20-30% catastrophe.
    IF and IF is a big IF, they can find supply it is going to be 30-50% higher than they were expecting which will be passed directly onto the consumer. This is AFTER they have had a 500% increase over the previous year!
    Quite a mess is happening and I am hoping they have a bitterly cold and rainy winter. If that happens CFK will be gone by Spring.

    May 19th, 2012 - 02:16 pm - Link - Report abuse 0
  • reality check

    I suppose now that they will be frantically looking around to purchase supplies of LNG from other suppliers. Did I read something on here about BP supplying
    them? Another question I would pose is, how would the supplier take payment?

    May 19th, 2012 - 02:28 pm - Link - Report abuse 0
  • cLOHO

    oops all starting to go wrong for Reichmistress

    May 19th, 2012 - 02:32 pm - Link - Report abuse 0
  • Conqueror

    @3 Tough. Must really be difficult for an argie company to be held to the terms of a contract and find out the meaning of the word “penalty”. And if it happens to serve the purposes of revenge, so what? When you've had your company stolen by a freak, what's wrong with revenge? And let's take a look at the hag. Halfway presentable only by virtue, by her own admission, of slapping her face on with a shovel. The morals of a rattlesnake. The same consideration for others displayed by a female Black Widow spider. And the same attitude toward “wealth” as Edward Teach, i.e. piracy!

    May 19th, 2012 - 02:37 pm - Link - Report abuse 0
  • yankeeboy

    11. U$ COD, this is one of the reason they can't find any gas. It is all being bought by Asia right now there is very little ( if any) un-committed supply. What is CFK going to do out bid Japan? hahahaha

    May 19th, 2012 - 02:38 pm - Link - Report abuse 0
  • Brit Bob

    @3 Lie, cheat, steal and fail to honour agreements? Pot, kettle, black.

    May 19th, 2012 - 03:14 pm - Link - Report abuse 0
  • Chicureo

    The story just doesn't get better for Argentina, and the story is likely to get worse.

    Last week, the IEA predicted that Argentina will have a tough time producing its own oil and gas, and that it will be hard-pressed to find investors willing to come into the country after its expropriation of YPF. They need at least 40 billion dollars to get the job done.

    Winter's is nearly here and if it is a cold one the Argentine government will feel the heat...

    May 19th, 2012 - 03:27 pm - Link - Report abuse 0
  • Xect

    It was rather obvious that stealing a company among other bizarre decisions was going to hurt Argentina.

    And now the pain starts for Argentina. I genuinely mean it when I say I feel for the decent normal people of Argentina having the crazy CFK destroy the Argentine economy and all international relations with her ever increasingly odd version of reality.

    May 19th, 2012 - 04:32 pm - Link - Report abuse 0
  • scarfo


    May 19th, 2012 - 04:36 pm - Link - Report abuse 0
  • toooldtodieyoung

    17 Xect

    I wonder what planet KFC looks like... I would go there but it would probably scare me silly.

    May 19th, 2012 - 05:12 pm - Link - Report abuse 0
  • cLOHO

    18 - A government promise from that decietful cow

    How are they going to guarantee a supply???? answers please

    May 19th, 2012 - 05:15 pm - Link - Report abuse 0
  • scarfo

    thats easy, theres never gonna be a EXTREME cold weather snap!

    May 19th, 2012 - 07:26 pm - Link - Report abuse 0
  • ArmitageShanks

    Even if hey do guarantee a supply of gas, how expensive will it be? Will it cost more, or less. In the last year, the government has removed the supplement for gas and electric in certain areas, no doubt planning for this moment when the cost of gas and electric will soar! Oh, the gas will be there, but only some will be able to afford it!!! Bring on communism. Free gas and electric for all!!!

    May 19th, 2012 - 07:40 pm - Link - Report abuse 0
  • ChrisR

    20 cLOHO

    “How are they going to guarantee a supply???? answers please”

    Instead of talking out of her arse as she usually does she is going to produce methane (flatulence for the delicate ones among us).

    Won't work if it's LPG though. :o)

    May 19th, 2012 - 07:45 pm - Link - Report abuse 0
  • reality check

    21 Scarfo
    BA 3,000 Ks from Antarctica. You sure it doesn't get extremely cold there?

    May 19th, 2012 - 07:54 pm - Link - Report abuse 0
  • scarfo

    24 - im sure it does

    How are they going to guarantee a supply???? answers please

    thats easy, theres never gonna be a EXTREME cold weather snap!

    and who decides if its a extreme cold weather snap!

    May 19th, 2012 - 09:14 pm - Link - Report abuse 0
  • reality check

    ”And who decides if it's an extreme cold weather snap!
    Clever, very clever. Love it.

    May 19th, 2012 - 09:33 pm - Link - Report abuse 0
  • Pete Bog

    Yet another chapter in the decline of Argentina. Those nice people to the east they insist on ignoring have no energy problems-Lol.
    Mrs De Kirchener-if you want to know how to run a country properly, then talk to FIG. Oh, they don't exist? Then RG land, you'll have to go bankrupt then.

    May 19th, 2012 - 11:23 pm - Link - Report abuse 0
  • GeoffWard2

    No, Yankee, I think COD is too risky.
    Much better to have a high proportion of the payment before departure and the rest deposited before piping-off at B.A.

    And I am sure there is an element of 'punishment' by Repsol - and who can blame them.
    Personally, I would have delayed and delayed shipment before cancelling the contract at the latest moment, making alternative provisions most difficult.
    Repsol Bolivia could still screw up the alternative supply if it feels like it.
    And it SHOULD feel like it. CFK has done big damage to the 'essentially-Spanish' company and its shareholders, and the Eskenazi Argentinian 'private' holding liabilities - which produce more losses - further damage Repsol.

    Argentina deserves any and all commercial disruptions coming its way.
    It has behaved commercially in a M.A.D. fashion analagous to General Jack D Ripper, General “Buck” Turgidson and Dr. Strangelove himself (“Mein Führer! I can walk!”).
    .... And, following this analogy, it would be wise if CFK didn't upset Obama either, because this could be even worse .... she might have to answer to the Coca Cola Company.

    May 20th, 2012 - 12:33 pm - Link - Report abuse 0
  • ChrisR

    28 GeoffWard2


    Only trouble is the idiotic Malvinistas probably will not get the references, but still I just cannot get the scene of Peter Sellers in that wheelchair and his cigarette holder out of my mind. Really great actor (RIP).

    I think threatening The Mad Bitch of Argentina with the COCA COLA COMPANY might be going too far - on second thoughts, put Pepsi in with it as well!


    May 20th, 2012 - 01:49 pm - Link - Report abuse 0
  • yankeeboy

    You know another thing that strikes me as funny, is that, if Bolivia COULD supply additional natgas to Arg don't you think they would be doing it already? Arg pays about $6 for gas supplied from Bolivia thru pipe network as compared to $13-18 for LNG!!
    Do Rgs listen to CFK and minions lies w/o out questioning them? It is so scary! All of them can't be that stupid!

    May 20th, 2012 - 02:12 pm - Link - Report abuse 0
  • LEPRecon

    @30 Yankeeboy, it's the old adage.

    You can fool all of the people some of the time, some of the people all of the time, but you can't fool all of the people all of the time.

    If you look at some of the Argentine bloggers posts you can see the cracks appearing. Only a few weeks ago CFK could do no wrong, she could walk on water etc...

    Now they're being less than complimentary about her and her government and their ability to deliver on promises. They're finally waking up to the fact that Argentina is in deep sh!t. Unfortunately it maybe too late for anyone stop the economic crash that they are headed for at light speed.

    May 20th, 2012 - 06:33 pm - Link - Report abuse 0
  • cLOHO

    31 - Guzz Troll has now started comenting on the size of genitals of the UK and re-naming Submarines HMS Rearguard!!! think he has issues.

    But yes I think its sinking in now that they are in the poop.

    May 21st, 2012 - 12:19 pm - Link - Report abuse 0

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