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Montevideo, March 31st 2023 - 12:02 UTC

 

 

A year on YPF’s seizure, Argentina’s energy challenge remains equally strong

Wednesday, April 17th 2013 - 07:47 UTC
Full article 30 comments

Argentina’s President Cristina Fernández takeover of YPF to pare energy imports is backfiring and threatening to narrow the country’s trade surplus needed to pay debt, according to a report from Bloomberg. Read full article

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  • toxictaxitrader2

    What an outstanding success ,much better than it was in the hands of those grasping capitalists,two more years of this will leave Argentina where?
    Answers on a post card please to the Casa Rosada!

    Apr 17th, 2013 - 08:27 am - Link - Report abuse 0
  • reality check

    One year on, how much of the ten billion have they raised?

    Apr 17th, 2013 - 08:35 am - Link - Report abuse 0
  • Xect

    Just another Argentine success story.

    I wonder when they are planning to pay Repsol?

    Apr 17th, 2013 - 08:55 am - Link - Report abuse 0
  • Rufus

    You have to laugh, especially bearing in mind their most recent delivery of LNG was only last week (from a ship flying the red duster).

    Apr 17th, 2013 - 09:38 am - Link - Report abuse 0
  • Trunce

    @4 Rufus

    Perhaps they didn't realise it was UK flagged (owned by BP).

    http://clip2net.com/s/4VK5dV

    Hope it was cash up front.

    Apr 17th, 2013 - 11:00 am - Link - Report abuse 0
  • Captain Poppy

    Seems like big oil is injuring themselves in the stampede to invest in YPF's internal ventures. Big oil must calm down before too many get injured.

    Apr 17th, 2013 - 11:47 am - Link - Report abuse 0
  • yankeeboy

    What is absolutely astounding, and must have gone into the thought process of CFK and minions when they decided to take YPF, is that big oil deals with all kinds of scumbags around the world, is used to a high level of insecurity and corruptions
    and yet
    they stay away from CFK
    That is really putting your $ where you mouth is

    Skank

    Apr 17th, 2013 - 12:01 pm - Link - Report abuse 0
  • Conqueror

    It's very important to remember that one of our “friends” is very keen on “isolation”. This would appear to be a little bit of the “isolation” he craves. Strangely, the article says “foreign investment needed to tap the world’s third-largest shale deposit hasn’t materialized as expected.” Aren't “isolation” and “foreign investment” different things? Wonder how the “expertise” bit is going as well?

    Apr 17th, 2013 - 02:48 pm - Link - Report abuse 0
  • Welsh Wizard

    @7

    So, the person at AFIP who is investigating the money launderer in chief (and therefore vicariously the Kirchners) is Maximos Sister-in-law...is this correct?...is this a serious country...?

    Apr 17th, 2013 - 03:13 pm - Link - Report abuse 0
  • yankeeboy

    9. Yes don't you remember Nestor's Campaign all over the newspapers and placards throughout the cities.

    Argentina a Serious Country ( with a flag background)

    bahahahaha

    Apr 17th, 2013 - 03:27 pm - Link - Report abuse 0
  • Captain Poppy

    They have this investigative reporter news show in Buenos AIres. It recently was showing how the Kircnherites and her corrupt minions are bleeding the country everyday to the tune of 50 million a day into personal accounts in Belieze, Mexico, and dozens of other places, all into personal accounts. No one does anything, the curruption is mind boogling.

    Apr 17th, 2013 - 03:27 pm - Link - Report abuse 0
  • Welsh Wizard

    Well, if you can't make a shed-load being a politican in Argentina then what is the point of being in politics? Has no-one resigned over this yet or was the evidence pretty poor?

    I see the “blue” rate has gone up again

    Apr 17th, 2013 - 03:44 pm - Link - Report abuse 0
  • yankeeboy

    They guy they had aon hidden camera came out yesterday and said he knew he was on camera so he made it all up,
    Anyone want to take bets that he ( or his family) has a terrible terrible accident soon?
    The blue wants to go to 9 and through threats, intimidation, sending in people with bags of U$ to flood the dealers it is just not working
    I wonder why
    I thought 9/1 in June so I am way ahead of schedule!

    Apr 17th, 2013 - 03:51 pm - Link - Report abuse 0
  • ynsere

    Perhaps the populist government of Argentina would do better if they searched for talented people on the international job market, rather than their own political appointees

    Apr 17th, 2013 - 04:11 pm - Link - Report abuse 0
  • MagnusMaster

    @14 the politicians wouldn´t listen to talented people. ALL decisions are government are made taking into account only three variables:

    1) what the polls say
    2) how much money can be stolen
    3) how much power the gov´t can gain

    The first variable is very important as no unpopular decision will be made, ever. In fact, all policy will be driven by polls and what PR experts consider the best way to manipulate the people. For example, Nestor Kirchner knew unemployment was far more harmful to public image than inflation, so he focused on reducing unemployment but refusing to control inflation at all. Consumption was encouraged because it makes people happier, and more willing to vote the status quo. They don´t let anyone do any decision that reduces government power, or harms their image, or won´t let them steal their money.

    Apr 17th, 2013 - 06:04 pm - Link - Report abuse 0
  • axel arg

    I have said in different oportunities that mercopress is a serious website, in fact, i still think it, due to it doesn't use to omit so much information about argentina's situation in reference to different questions.
    However this time, like in a few others, it committed what our shameful corporative press often commits.
    I mean the fact that it omitted some very important information in relation to ypf's situation.
    This article omits that in 2012 oil production in ypf increased 2%, in 2011 it had diminished it's production. In the case of gas it declined 2%, but in 2011 it had declined 10%.
    Beside, in 2011 the enterprice had explored 15 basins, and since last year it explores 46.
    On the other hand, since the renationalization there are no more problems to provide of oil and gas in the different stations from the country. It's something that used to happen during long weekends.
    It was published today in www.pagina12.com.ar an excellent report which tells about ypf's situation after one year of it's renationalization, the headline of the report is un aniversario con políticas para festejar

    Apr 17th, 2013 - 06:33 pm - Link - Report abuse 0
  • agent999

    @16

    Did the report also mention that in 2011, YPF suffered 100 days of strikes.

    Did it also mention that YPF's net profit fell 12.2% last year, from $ 4.445 million to $ 3.092 million.

    Apr 17th, 2013 - 06:59 pm - Link - Report abuse 0
  • axel arg

    Read the report and get your conclusions.

    Apr 17th, 2013 - 07:06 pm - Link - Report abuse 0
  • yankeeboy

    17, You can probably take that 3B down to 1.5 for 2013. Plus I have a feeling NYC will delist them based on false recordings soon enough. I don't see why they are listed anway. They won't be able to fund bonds at a reasonable rate anytime soon.
    She fracked up that company but good, it won't recover until they get a new gov' t and they end up giving it back to Repsol in lieu of damages.

    Apr 17th, 2013 - 07:18 pm - Link - Report abuse 0
  • LEPRecon

    Ah...Cristina's economic 'miracle' in action. I wonder how long it'll be before she's legging it to the waiting helicopter with bags stuffed full of all the US dollars she's 'appropriated' from the people.

    Apr 17th, 2013 - 10:13 pm - Link - Report abuse 0
  • Conqueror

    Anyone noticed that axel has “changed”. English has “suddenly” improved. Sentences, mostly, make some sort of sense. That's just the sentence, not the “thought” behind it. Even the font has changed. Is there a “stranger”? A metamorphosis? Or just the “relief”?

    Apr 17th, 2013 - 10:53 pm - Link - Report abuse 0
  • Captain Poppy

    Tour of duty ended.....replacements

    Apr 18th, 2013 - 12:29 am - Link - Report abuse 0
  • Room237

    @16 There aren't 46 hydrocarbon basins in Argentina, are you sure they didn't just go over the same few time and time again ?

    Apr 18th, 2013 - 09:06 am - Link - Report abuse 0
  • Brazilian

    I guess she made some oil addicts angry. Go in and invade the country like you did with Iraq and see how that works out.

    Apr 18th, 2013 - 02:43 pm - Link - Report abuse 0
  • LEPRecon

    @24 Brazilian

    I'm not quite sure what your post is getting at. Cristina's wonderful economic model of steal and spend, steal and spend, will end in tears for the Argentine people.

    You don't need to have a degree in economics to know that it's a bad idea to spend more than you earn.

    Since the (mis)appropriation of YPF, production has actually fallen and Argentina is having to IMPORT fuel!!!

    How can this happen? I mean surely a nationalised company should be pumping oil and gas out hand over fist! Shouldn't it?

    Or do you think it's because oil and gas exploration is an expensive business but with huge rewards if you strike black gold, and the Argentine government just doesn't have the money (or the expertise) to actually invest in and get the black gold out of the ground?

    As for invading Argentina, I lay odds of 2-1 that Brazil will end up invading at some point in the near future, basically as Argentina will have imploded and will cause it's neighbours all sorts of security problems, with roving gangs of thieves and murderers crossing the borders into the land of milk and honey.

    Don't forget that most Argentinians believe that Brazil, Uruguay, Chile, Paraguay and Boliva are all 'provinces' of Argentina, bequeathed to them by Spain (not sure why they think they've got Brazil - but it has something to do with the war of the triple alliance), and have been usurped by the Brazilian/Chile/Uruguayan/Paraguayan/Bolivian* (*delete as required) pirates, who are keeping them from their territorial integrity and national identity, and that Argentina can NEVER be whole until all this 'stolen' land has been returned to them.

    So all those thieves and murderers will believe it is their God given right to steal from the usurping pirates in Brazil, Uruguay, Chile, Paraguay and Boliva.

    Apr 18th, 2013 - 06:51 pm - Link - Report abuse 0
  • Pugol-H

    @24 Brazilian
    Hasn’t stopped the Oil companies investing in Iraq though has it, no matter how bad it got!!!
    Oil is flowing again and in quantity, unlike Argentina.

    Apr 18th, 2013 - 07:09 pm - Link - Report abuse 0
  • ChrisR

    It just keeps getting better!

    I think the 'model' they all talk about must be made of balsa wood, covered in thin paper and launched with abandon only to crash with equal abandon.

    LOLs

    Apr 18th, 2013 - 09:15 pm - Link - Report abuse 0
  • Captain Poppy

    Lep your 2nd to last paragraph sounds like Iraq, didn't end well for Saddam, bullshit war or not he paid his dues as most dictators do. KFC should run whileshe can, but the lure and greed for money is too strong an appeal......magnetic.

    Apr 19th, 2013 - 12:47 am - Link - Report abuse 0
  • John Troll the 3rd

    I think we should call one of those marvelous USA chemical companies to help build a fertilizer plant, I hear they are tech monsters with their flawless designs.

    hahahahahahahaha

    Apr 19th, 2013 - 02:24 am - Link - Report abuse 0
  • Captain Poppy

    Yes almost as good as an Argentine Storm drainage system. Do you wear diapers when it rains?
    You need to call ANY company to do business in rgland.
    BTW......nice anti kirchner march last night.

    Apr 19th, 2013 - 10:15 am - Link - Report abuse 0

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