YPF the oil company seized by Argentina’s government last year has lost an arbitration case with a Brazilian company that may cost as much as 1.6 billion dollars in indemnity payments. There was an immediate reaction and YPF shares lost the most among Argentina’s major stocks, 3.6%. Read full article
Comments
Disclaimer & comment rulesWhy bother with the courts, the EG's just will not pay, as usual.
May 28th, 2013 - 06:32 am - Link - Report abuse 0I wonder whether Chevron had a MAC clause in the doc they recently signed with YPF. If so then YPF might have to wave goodbye to that avenue of funding...
May 28th, 2013 - 09:23 am - Link - Report abuse 0I believe YPF has to clean an environmental mess in NJ also tallied in the billions. This billion, NJ billions, billions for drilling. mmmmmm....suuuuuure YPF.....sure.
May 28th, 2013 - 09:54 am - Link - Report abuse 0dirges in the future
Ahh now we know what Cristina has been saving up allthose dollars for.
May 28th, 2013 - 11:49 am - Link - Report abuse 0To pay off the countries debts LOL
Well, this is all good news. Didn't YPF have a fire and flooding recently? Millions to clean that up, repair and rebuild. Then more millions (billions?) to import energy stocks so that argies won't freeze their little tootsies off. And now this! Fortunately, CFK owns most of the shares and argieland is a bottomless pit of money. This will be a godsend (sorry!) to China as the lovely Cristina (vomit) will be asking for that line of credit long before expected. And there's still that US$1.33 billion in play in New York. Then there's all those other judgements. Has anybody asked how the legal bills are going? Now, don't forget argies, every week you have to work EIGHT days to keep up with Grandma Crissie's wonderful management of the economy and your country. Maybe Papa Pepe has gone to China to offer an insight into how to take over argieland quicker. Maybe when Grandmama Crissie asks for some money she'll get told that it's been spent dredging the River Plate. Maybe, tongue in cheek, they'll point out that it seems that God doesn't love her. As I recall, when the Egyptians upset God, he arranged for TEN plagues. How many has he arranged for Crissie? Let's see. There's the plague of the UK, the plague of the Libertad, the plague of NML, the plague of multiple court judgements, the plague of the Repsol debt, the plague of the YPF arbitration, the plague of energy imports, the plague of bad weather and poor harvests, the plague of the blue dollar. That's NINE already. SOMEONE doesn't love her!
May 28th, 2013 - 11:55 am - Link - Report abuse 0Well this one should be a bit more difficult to try to skirt payment. YPF buys and sells a lot of oil outside of Arg and once the judgement is awarded they can be seized. It is not like they have sovereign immunity like the Arg gov't property.
May 28th, 2013 - 12:13 pm - Link - Report abuse 0Arg ows U$65B in outstanding ICSID judgements every day the interest and penalties keep ticking up. Eventually they'll have to pay.
The noose is getting tighter and tighter
@6
May 28th, 2013 - 12:26 pm - Link - Report abuse 0They just will not pay and what can anyone do?
7. Take the exported oil when it arrives in the port of a legitimate country. This judgement is against YPF not the Arg Govt.
May 28th, 2013 - 12:30 pm - Link - Report abuse 0Big difference
Plus YPF has bank account all over which are very easy to seize.
@7 What can anyone do? I just read this article. http://en.wikipedia.org/wiki/Sovereign_default The third paragraph of the first part is especially interesting.
May 28th, 2013 - 01:10 pm - Link - Report abuse 0......Argentina......Abandon hope all ye that enter here
May 28th, 2013 - 01:40 pm - Link - Report abuse 0They could just take it out of her personal offshore account.
May 28th, 2013 - 03:16 pm - Link - Report abuse 0Is anyone here knowledgeable on what would be necessary for them to confiscate the funds the Ks embezzled from our country?
and top of all this more floods downtown to compile on Krestina's misery, questions will once again be raised why funds were not made to prevent these floods... she'll blame Macri, and he'll blame her.. blah blah nothing done as per usual ! only shame is, It never happened on her self glorified party on saturday !
May 28th, 2013 - 03:24 pm - Link - Report abuse 0I bet Repsol are pissing themselves laughing.
May 28th, 2013 - 04:35 pm - Link - Report abuse 0Oh dear,
May 28th, 2013 - 08:15 pm - Link - Report abuse 0”EU imposes duties on Argentine biodiesel
The European Union is imposing punitive duties on imports of biodiesel from Argentina and Indonesia, charging them with selling the product into the bloc at unfairly low prices.
The European Commission said it had set provisional tariffs ranging from 6.8 to 10.6 percent for imports from Argentina and between zero and 9.6 percent for those from Indonesia.
Argentina is the world's No. 1 biodiesel exporter and the two countries represent 90 percent of EU biodiesel imports. Their share of the EU market rose to 22 percent in 2011 from 9 percent in 2009.
The duties will be effective from Wednesday and the investigation will continue, with member states expected to vote on definitive duties - typically imposed for five years - before the end of November.
The European Union is conducting a parallel investigation into allegations of unfair subsidies for producers in Argentina and Indonesia. That is expected to conclude by the start of December.
EU regulators have said taxes imposed on Argentina's exports of crops such as soybean oil used to make biodiesel, but not on the finished product, make it uneconomical for EU refiners to produce biofuel from Argentine raw materials.
A similar export tax exists in Indonesia, which the commission says also undercuts European refiners.
Argentina and Indonesia have fought back, saying their measures comply with World Trade Organization (WTO) rules.
Indonesia has said it might complain to the WTO if the European Union imposes penalties. Argentina launched a challenge at the WTO this week against EU rules for importing and marketing biodiesel.”
From the Buenos Aires Herald.
It just gets worse every day.
14 ElaineB
May 28th, 2013 - 09:30 pm - Link - Report abuse 0Well that's the end of that little fiddle then.
Oh dear, never mind, eh?
”Argentina launched a challenge at the WTO this week against EU rules for importing and marketing biodiesel.”
May 28th, 2013 - 11:21 pm - Link - Report abuse 0What? They're not going to the UN to blame the Falkland Islands?
But of course other Malvanistas seem to imply that the EU is on Argentina's side and this will get them the fictional island of Malvinas (Bad Vines?).
Ah good ,you want the EU's help in getting the Falklands.
So you threaten them with a toothless fairy.
Very smart.
#2 I've said it before, some supporter of Nestor you've turned out to be!
Jun 06th, 2013 - 07:30 pm - Link - Report abuse 0#5 the lovely Cristina
Has the penny finally dropped? =)
Papa “Pepe”...Grandmama Crissie
Funny family where Papa is old enough to be Grandmama's papa, not her son =)
There's the “plague” of the UK
Stop talking our country down, you've really got my patriotic dander up with that one!
You're a joke BK, you RG's have no clue what patriotism is.
Jun 06th, 2013 - 09:21 pm - Link - Report abuse 0Commenting for this story is now closed.
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