MercoPress. South Atlantic News Agency
YPF and US based DOW sign memorandum to develop shale gas in Patagonia
Argentina’s nationalized energy company YPF on Tuesday signed a memorandum of understanding with the local subsidiary of the US Dow Chemical to develop the shale gas deposits in the southern Nequen province. Read full article
Comments
Disclaimer & comment rulesSo when can they expect Dows cheque?
Mar 27th, 2013 - 08:38 am - Link - Report abuse 0Is this Dow subsidiary going to poison 500'000 people again before getting the American government to spirit their American employees out of the country and away from legal consequences?
Mar 27th, 2013 - 09:39 am - Link - Report abuse 0How dare Ecuador suggest chevron caused $2bil in environmental damage! I ask thee!
Who in their right mind would trust YPF and Argentina.
Mar 27th, 2013 - 10:06 am - Link - Report abuse 0Chevron gets 50%
Dow gets 50%
BP and Bridas 50%
So YPF has managed to give away 150% of the shale deposits !
Another “MEMORANDUM” YPF is getting good and the initial stage. Now if they can only get production going.....lol. I wonder if all the banking is done through the Cayman Islands?
Mar 27th, 2013 - 10:25 am - Link - Report abuse 050% ownership for how long?
Mar 27th, 2013 - 10:30 am - Link - Report abuse 0Looks like Dow is really worried about gas supply in Argentina. I guess it helps a bit that they can't send profits home. Gotta get them out of the banking system no matter what the risk I guess.
Mar 27th, 2013 - 11:02 am - Link - Report abuse 0Still one little problem though, who is going to drill this? With what equipment? With who's expertise?
Still a long long way to go
Argentina will be out of all their nat gas reserves before they can bring any of this on-line.
@5 Quite so, given Argentina's track record, that memorandum will be more use as fire lighters or toilet paper. You'd think that Dow would have more sense than to make a bargain with the devil, because the result is inevitable.
Mar 27th, 2013 - 11:16 am - Link - Report abuse 0@6 That little point seems to have escaped them. Memorandums are two a penny, but drilling rigs are not. Dow is only putting a finger in the wind, so that when the new administration takes over, they can claim that they have first dibs. It'll be decades before the oil/gas flows.
Brazil's major companies are packing up and going home. They can read the tea leaves pretty well.
Mar 27th, 2013 - 11:47 am - Link - Report abuse 0I am just waiting to hear that GM and Ford are pulling out.
Then they will be only an agriculture economy, fully dependent on the whims of the weather and firmly stuck in the 1800s.
That is until the poisoned ground gives out too...they say it is about a decade to go...
It's the equivalent of having a memorandum of understanding that they both like toast. It's a world apart from actually making the toast, let alone putting some butter and maybe raspberry jam on it.
Mar 27th, 2013 - 11:48 am - Link - Report abuse 0... or lemon curd.
Either way, it's good to see that guy from Dow can smile still, under the knowledge that another subsidiary of Dow caused the deaths of so many Indian people and no one was ever brought to trial.
Is that not international terrorism?
Either way,
First the beaver devastation and now fracking damage. Perhaps they will hand it back to the remainder of the Amerindians when it is completely knackered?
Mar 27th, 2013 - 12:42 pm - Link - Report abuse 0I wonder if the 'memorandum of understanding' is headed “PEACE IN OUR TIME”?
Mar 27th, 2013 - 03:04 pm - Link - Report abuse 0The Langbar International fraud, the largest fraud on the Alternative Investment Market, was devised (in part) by an Argentine businessman working out of Spain and based on a development project in Argentina.
Mar 27th, 2013 - 03:15 pm - Link - Report abuse 0In fact, the conspirators were never arrested, much to the shame of the Serious Fraud Squad, even though their whereabouts was known and they regularly freely travel in and out of the UK.
The only person that did jail time was a patsy who was shown fake bank bonds purportedly issued by Banco de Brasil for Lambert Financial Investments (the Argentine firm doing the development) for $350 million. It was all fake paper and the set up was almost straight out of the script of the film 'The Sting', with fake offices and fake lawyers.
Kinda similar to this fake memorandum.
Dows share price : http://www.nyse.com/listed/dow.html
Mar 27th, 2013 - 04:43 pm - Link - Report abuse 0Down as a result of the announcement . Uh oh !
All positioning for next administration(more competent and honest hopefully)
Mar 27th, 2013 - 08:05 pm - Link - Report abuse 0Take DOW, please.
Mar 27th, 2013 - 08:19 pm - Link - Report abuse 0@12 I remember discussing that case in an essay once, and noticing that the canadian-polish director proudly presents the fact the he ran an AIM company on the about page of his blog.
Mar 27th, 2013 - 09:32 pm - Link - Report abuse 0@16
Mar 27th, 2013 - 10:15 pm - Link - Report abuse 0He's still living in Monaco. After the High Court trial, he had to sell the luxury apartment he'd bought and it yielded over 15 million Euros. He also had to hand over the £30 million or so that was secreted away in various Swiss bank accounts.
The Argentinian, Abraham ‘‘Avi’’ Arad Hochman managed to get away with an estimated £49m. He was the front man for a much larger group of Argentinian fraudsters. He was arrested in Spain by the SFO, but purportedly died of the heart attack before he could be extradited. Some believe that he was killed by the rest of his gang to prevent him naming names. None of the money he took has been recovered and although the SFO is aware of the identity of most of the conspirators, none of them were arrested.
The CFO Jean-Pierre Regli lived in Switzerland, but works across the border in Italy. A few years later, he was involved in yet another fraud, the one to revitalise the ferry business in Dover. This fraud made a few more million. It seems that he was teaching others, because several more frauds have been traced to Lugano with names that are vaguely similar.
The Langbar International fraud represents the biggest embarrassment to the London Stock Exchange. Astonishing that a company which at one point was worth $1 Billion had no assets at all and due diligence was not carried out. The LSE managed to hush up their failures in much the same way that the Labour Party conceals the fact that their failure to regulate the market properly allowed this fraud to take place and also caused all the problems for the banking crisis afterwards.
@17 that's because new labour as right wing corporatists don't believe in market intervention and instead believe in CCTV cameras, NHS fail-databases and bloating the civil service rather than have them on benefits.
Mar 27th, 2013 - 10:21 pm - Link - Report abuse 0I wouldn't be surprised if these Langbar folks were found sipping sherry with the upper echelons of neo-labour at weekend grouse shooting event. What with Ed Miliband and Ed balls comparing mansion sizes.
Curious that they were basically allowed to get away with it though.
@14 you`re absolutely right.
Mar 29th, 2013 - 03:59 pm - Link - Report abuse 0Shell is announcing achievements in an area nearby too. Not precisely a kirchnerist management.
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