MercoPress. South Atlantic News Agency
Repsol presses charges against Chevron for making business with nationalized YPF
Spanish oil company Repsol has pressed charges against Chevron over “disloyal competition”, after the US company reached an agreement with its former Argentine branch YPF to conduct explorations in the Vaca Muerta reservoir, a company spokesman announced. Read full article
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Nov 20th, 2012 - 02:07 am - Link - Report abuse 0An annual loss of 70% for YPF, with the company worth 1/3rd of what it was under Repsol .
Nov 20th, 2012 - 08:37 am - Link - Report abuse 0This was predicted by most non RG posters on here .
Maybe Argentina needs a nuclear def.... no , let's not go there .
Having spent months taking action to force down the share price I imagine CFK will want to pay the share price on the day of the nationalisation less a randomly picked figure plucked from the air as way of compenstion to Argentina.
Nov 20th, 2012 - 09:47 am - Link - Report abuse 0It doesn't work like that. For a shart a 51% share in a company is worth more than 51% of the total share price because it is a controlling interest.
Repsol will want the fair value of a controlling interest prior to her efforts at price manipulation. CFK won't want to pay anything and will draw out the legal process for as long as possible - probably so nothing is paid during her presidency.
“Argentina wants Chevron to step up investments as the US company battles a court embargo on its existing assets in the country”
Nov 20th, 2012 - 10:49 am - Link - Report abuse 0Trying to work out Argentina's strategy here - are they going for the blackmail Chevron into investing in Vaca Muerta otherwise they will seize all their other assets in country?
When the crunch comes surely they (Chevron) realise they will be in danger of losing both the current investments and the new ones.
The nice thing about the YPF/Repsol fight is that YPF is a“private” company with assets to seize. Once Repsol wins the judgement they can jsut start taking the oil from the tankers and anything else they can find outside of Argentina.
Nov 20th, 2012 - 12:55 pm - Link - Report abuse 0Taking oil from a tanker can prove to be difficult. They have to do it in port from a country that will abide by the ruling. If they treid that in open waters with a non Argentine flagged vessel that can come under the heading of piracy. Where is YPF getting their crude imported from? I recall at one point they were contracting with British shippers, ironic huh?
Nov 20th, 2012 - 02:34 pm - Link - Report abuse 0I didn't mean to suggest it would board tankers at sea but in Port prior to delivery would work. Tie up a couple tankers in the ports for a few weeks it would certainly put a dent in their oil trade as they find it harder and harder to locate a tanker willing to take the risk it will be detained. for an undetermined amount of time.
Nov 20th, 2012 - 02:43 pm - Link - Report abuse 0They probably wouldn't even have to take the oil just make it very hard and expensive to ship it.
Monsanto did that with Soy a few years ago until Arg backed down and signed a new contract.
Once that begins, the shippers may not even want to get involved with the headaches of dealing with YPF. That alone may cause is shipping decrease in oil imports. However I suspect that the devil himslef, chubby chavo is supplying oil to Argentina.
Nov 20th, 2012 - 03:28 pm - Link - Report abuse 0Chances are the YPF s importing via Petrobas Argentina and consumating the deal when it arrives.
8. They don't have refining capacity that is why they have to export it. It would be easier to take the ships when they are delivering to another country.
Nov 20th, 2012 - 03:31 pm - Link - Report abuse 0I'm pretty sure that Chevron has matured and has learned that in Argentina, instead of working against populism under a model of predatory capitalism, working with it under a model of mutual reward capitalism will make it a more palatable partner than Repsol whose principals close their doors and scream and beat their fists into the walls at the thought of peons and former slaves, telling them, the Spanish aristocracy, what to do
Nov 20th, 2012 - 03:41 pm - Link - Report abuse 0!!....suzzie you are right shit on comments like #10
Nov 20th, 2012 - 06:16 pm - Link - Report abuse 0Yankee, I didn't realize that. That is exactly like Venzuela. They hate us Americans but lack refining capacity. 40% of their gasoline is imported the the evil empire they so hate, the USA......lol. However as the price continued to rise, it was and is getting difficult for chubby to maintain the lower prices and the people were getting angry. See what happens when the lazy are given a hand out as opposed to a hand up?
Madrid court. Does not hold water.
Nov 21st, 2012 - 11:19 pm - Link - Report abuse 0I bet thatthat the Brit trolls will be burning the midnite oil on justifying this action while denying Spain has no right to claim Gibraltar.
Fools and hypocrits...LOL.
Capitalist sues rival capitalist for profiteering....from socialism! You couldn't make it up =)
Nov 24th, 2012 - 12:52 am - Link - Report abuse 0You are imbedded too far as a commie to understand. You need a 7.62 mm steel jacket sitting in you cerebellum
Nov 24th, 2012 - 02:32 pm - Link - Report abuse 0Commenting for this story is now closed.
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