MercoPress. South Atlantic News Agency
Good news for Chevron (and YPF): Argentine court revokes 19bn dollar embargo
Argentina's Supreme Court revoked a 19 billion dollar embargo on the assets and future income of Chevron Corp.'s Argentina subsidiary, giving the U.S. oil giant a victory in a decades-old battle with indigenous groups in Ecuador. Read full article
Comments
Disclaimer & comment rulesWhat to do.....with oil imports up 90% yoy. What seems like a great idea stealing YPF last year......not so good now. Oil companies are use to political risk, but Argentina never compensated Repsol, that is a risk even oil companies will not take.
Jun 05th, 2013 - 10:31 pm - Link - Report abuse 0Imports up.....90%
http://www.buenosairesherald.com/article/132808/fuel-imports-soar-as-grain-revenue-drops
LOL! Ah, the bribes and the pay offs.
Jun 05th, 2013 - 11:03 pm - Link - Report abuse 0Elaine, this is just the way things are done in CFK land. One false move and the mad queen of hearts will nationalize Chevron's assets...
Jun 05th, 2013 - 11:57 pm - Link - Report abuse 0The poster child for Latin American soldiarity strikes again!
Jun 06th, 2013 - 12:18 am - Link - Report abuse 02 ElaineB “LOL! Ah, the bribes and the pay offs”
Jun 06th, 2013 - 05:20 am - Link - Report abuse 0Ask your English cousin Tony(Blair) about that.
I just asked Tony and he said Marcos is a froot loop who delfects as he lacks the intelligence to argue a point.
Jun 06th, 2013 - 07:31 am - Link - Report abuse 0QED
Tony Blair is also Scottish - not English. Marcos, do your homework before making silly statements!
Jun 06th, 2013 - 07:43 am - Link - Report abuse 0Tony Blair will be whatever you want him to be.
Jun 06th, 2013 - 08:55 am - Link - Report abuse 0The fact that everything he did or tried to do was a complete disaster also makes him a complete waste of space.
Just pleased that he's out and about messing up other Countries around the World. Do feel sorry for the poor Palestinian people though.
... and, by the way, the Rt Hon. Anthony (born of a barstard) Blair is the Middle East Peace Envoy, bringing peace to the peoples of Syria, The Lebanon, Palestine and Egypt.
Jun 06th, 2013 - 10:05 am - Link - Report abuse 0He seems to be doing a better job there than he did with the United Kingdom.
But back on topic, folks ...
pragmatism is also at work in little old Argentina.
”Sorry, Ecuador and your grasping government-indigenous Texaco vultures, we need Chevron's input more than we need to support your 'case' for the world-wide sequestration of Chevron's (Texaco's) assets.”
Well, it's useful to see that CFK's seizure of the judiciary is working as planned. Didn't I say that the Supreme Court, all the judges of which are appointed by the President, would follow the “government” line? See how it's taken them seven months to reach “.. a six-to-one vote, Argentina's high court overturned the embargo on the grounds that Chevron's local subsidiaries are separate legal entities and had not participated in the original court process” Seven months before they found that excuse!
Jun 06th, 2013 - 10:31 am - Link - Report abuse 0Now, if Chevron has any sense, it will grab its assets etc and run as far and as fast as possible. Haven't we been told that argieland will do what the (colourful) it likes with any company on the planet?
Yes but the Repsol's cause will never died that is a different animal the rest of the world will never let go.
Jun 06th, 2013 - 10:44 am - Link - Report abuse 0You won't find me supporting TB. Never have, never will.
Jun 06th, 2013 - 10:58 am - Link - Report abuse 0Argentine stuffs another of their 'brother' countries.
I would think Chevron will only use the U$ in country and slow walk any development until the next gov't takes over.
Jun 06th, 2013 - 12:10 pm - Link - Report abuse 0I am pretty sure Chevron is smarter than Rg ministers. They know how to play the game and how to deal with corrupt gov'ts they have been doing it for a very very long time.
Typical K behavior. Looking for the biggest payoff to find out whose back to stab first.
Jun 06th, 2013 - 12:48 pm - Link - Report abuse 0This is not really good news for YPF, all YPF gets out of the deal is U$S 1.5 billion investment which will allow them to perhaps get 15 wells drilled on Vaca Muerta. This will push oil and gas production up by about 2 - 3%, less than was lost over the last year!!!!!!
Jun 06th, 2013 - 01:07 pm - Link - Report abuse 0Still I suppose it is better than a kick in the head!!!!!
@13, 14, 15
Jun 06th, 2013 - 01:11 pm - Link - Report abuse 0Interestingly, I think I remember a minister saying that they would stand by their Bolivarian brothers and respect the ruiling. Chevron then says it will invest the US$1.5bn and the ruiling is then overturned. Seems to me like the judiciary is already democratised....
I thought YPF needed an investment of ten billion dollars, with a view to drilling 200 exploratory wells. Am I wrong in thinking that even if Chevron did invest one point five billion, it is not going to go a long way. I know nothing about business, but it seems to me that stability would be a prerequisite for any large investment? Just a thought.
Jun 06th, 2013 - 04:51 pm - Link - Report abuse 0Nooo, you must remember Chevron is used to dealing with the sorts like CFK, look at their world wide business, like Angola....
Jun 06th, 2013 - 11:43 pm - Link - Report abuse 0Commenting for this story is now closed.
If you have a Facebook account, become a fan and comment on our Facebook Page!