MercoPress. South Atlantic News Agency

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  Elena

  “We don’t agree with Repsol’s approach to potential YPF deals and regarding this particular potential JV as state-owned companies have their right to discuss their energy policies,” Ruiz said. “I hope they don’t react by opposing once we receive a formal offer from YPF.” For some reason this made me smile too much XD .
  
  But seriously, If YPF has yet to paid back Repsol is one thing, but another very different situation is to block them from making commercial deals on their own. Repsol and YPF need to get together to solve their problem IMO.

  Sep 08th, 2013 - 12:29 am - Link - Report abuse 0
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  ChrisR

  @ 1 Elena
  
  Repsol have not been paid anything by TMBOA whole stole their assets, even though her own constitution requires payment at a commercial valuation be given to the owner BEFORE any expropriation takes place.
  
  What is to say that if PEMEX makes a deal with The Dark Country that Repsol will lose out again if TMBOA stole the assets on the PEMEX deal? She has a history of doing this, Repsol could be said to be helping the Mexican monopoly from making similar misjudgements that they have made in the past that resulted in 70 years of mismanagement and the last NINE years where the oil output has fallen YoY to the lowest output for 18 years.
  
  PEMEX of course is looking for experience from the Chevron / YPF deal as they have none to bring to the table themselves.
  
  So you could say that Galuccio is simply after their money. He is desperate for funds because despite all the promises TMBOA gave him before he agreed to take on the job, he now finds there is no money even for buying LNG to heat homes so there is NO prospect of money for YPF.
  
  Plus, PEMEX making a “decision” within months of any “offer” made by YPF just smells of distraction: PEMEX want their cake and eat it.

  Sep 08th, 2013 - 10:40 am - Link - Report abuse 0
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  Elena

  PEMEX and YPF are just in the “negotiations stage” , no decisions are being done yet.
  
  My point was about Repsol not having the argument for bloking YPF from making deals with either Chevron, PEMEX, or etc. Just that they do have the right to get paid for their assets.
  
  About PEMEX, they have deals in co-participation with Petrobras, negotiations with YPF , some others with Russia, and some deals with oil companies at US.
  
  Also, with all that has been said and exagerated for the sake of the energy reform as always happens with all political initiatives, PEMEX real problem is one of an administrative nature. Politicians are just arquing over if it´s better to make deals and share risk with private companies or re invest PEMEX capital to contract and adquire better technology. There are some national and foreing companies interested in the first option and some others also interested in the second, those that are especialized in developing petroquimic technology for oil companies for example.

  Sep 08th, 2013 - 02:42 pm - Link - Report abuse 0
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  ChrisR

  3 Elena
  
  I am sorry you have not understood what I was getting at with Repsol, so I will try to make it clearer for you.
  
  You say the problem with PEMEX has both a politic problem but a greater administration problem. SO, should they not be pleased when Repsol want nothing to do with YPF? Why risk another loss of money because PEMEX is poorly run and overly favouring of a LatAm brother!
  
  Chevron have pulled a masterstroke on The Dark Country: they have had a legal ruling in favour of another bunch of crooks that “claim” USD 19.5 Bn for a spurious environmental problem committed by another company that Chevron purchased later on. They also have a very favourable USD 5 Bn tax credit situation (eventually) for spending just USD 1.24 Bn initial investment which may rise to USD 15 Bn.
  
  These Chevron guys play tough, PEMEX will be hung, drawn and quartered before they realise what is happening given their abysmal track record. THAT is why Repsol should not allow the PMEX children to get their hands burnt. Mexico can pay all the money it wants to in support of PEMEX but why should Repsol get burnt a second time.
  
  We in the real world have a saying: “fool me once, shame on you, fool me twice, shame on me. It’s a good saying.

  Sep 08th, 2013 - 03:22 pm - Link - Report abuse 0
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  Elena

  “You say the problem with PEMEX has both a politic problem but a greater administration problem. SO, should they not be pleased when Repsol want nothing to do with YPF? Why risk another loss of money because PEMEX is poorly run and overly favouring of a LatAm brother!”
  
  Until Recently Pemex didn´t have anything to do with Repsol, so it doesn´t really see a conflict of interest in making deals with both Repsol and YPF if given the oportunity. Pemex just participes on 9% of Repsol.
  
  Also, in reality we don´t really know how much or in what way Pemex would have a parnertship with YPF because they are just on informal talks with them. I personally don´t worry too much about experience as Pemex has some 60 years of dealing with both nationalized and private oil companies, if YPF doesn´t present an interesting and clear proposition for the deal, Pemex most probably symply wont do bussines with them or maybe it could wait until the next Argentine elections to see the political and bussines environment in the country . On the other way, if YPF and Pemex do get a good partnership it could serve to make a triple deal with Petrobras-Pemex-YPF but something like this I see just on the long term and considering all three countries political and bussines situation.
  
  So far Mexico investment in Argentina consist mostly on Slim companies and some others by way of the complementary deal Mexico has with Mercosur.

  Sep 08th, 2013 - 04:14 pm - Link - Report abuse 0
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