MercoPress. South Atlantic News Agency
Repsol sells YPF stake for 1.25bn dollars to Morgan Stanley; keeps 0.5% share
Spain's Repsol oil and gas company says it has sold an 11.86% stake it owned in Argentina's YPF energy company to Morgan Stanley for 900 million Euros (1.25 billion dollars), effectively leaving it without a stake in a company it once controlled. Read full article
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Disclaimer & comment rulesJust like Carlos Slim did...
May 08th, 2014 - 05:42 am - Link - Report abuse 0Any company with any sense would want to get out of Argentina with its reputation of financial mis-dealings and lack of honesty.!!
May 08th, 2014 - 08:19 am - Link - Report abuse 0Let he who is without sin cast the first stone. There are worse finance-oriented things a government can do than stiffing one's creditors. For example, underwriting a war machine that maliciously invades and kills.
May 08th, 2014 - 11:11 am - Link - Report abuse 0Getting out while the getting is good.
May 08th, 2014 - 12:10 pm - Link - Report abuse 0Rumor is YPF is out of cash.
Oil companies running out of cash, hmm where else does that happen?
Oh yeah, Venezuela.
YPF gives a new meaning to “Oil Exploration”. I always thought it meant drilling. Apparently for Argentina and YPF it means.......searching for who will take their checks!
May 08th, 2014 - 04:39 pm - Link - Report abuse 0http://seekingalpha.com/news/1698433-report-ypf-awards-tender-to-buy-nigerian-crude-cargo-from-vitol
Winter preparation I see.
@3
May 08th, 2014 - 04:55 pm - Link - Report abuse 0What exactly does that have to do with the article?
20 new rigs on their way to Neuquen to further fuel the drilling boom in Argentia- we are making so much money down there and getting all the dollars sent to my banks in Miami and Houston - don't cry for me Argentina - the truth is we are making a fortune ! Enjoy it - life is good in BA
May 09th, 2014 - 01:15 am - Link - Report abuse 0@6....see 2.
May 09th, 2014 - 01:26 am - Link - Report abuse 0Must be very low standards in BA
May 09th, 2014 - 09:09 am - Link - Report abuse 0“Aerolíneas Argentinas, a shocking setback”
May 09th, 2014 - 12:45 pm - Link - Report abuse 0They have already had in recent months government subsidies so far totalling an impressive amount: twenty billion pesos.
http://www.clarin.com/opinion/Aerolineas-Argentinas-descalabro-escandaloso_0_1135086563.html
10. It is simply breathtaking at the corruption, mismanagement, lies that happen under this horrible gov't.
May 09th, 2014 - 01:20 pm - Link - Report abuse 0I really hope there are enough lamp posts when this all comes crashing down.
No doubt about it. Arg government has been inefficient and there's lot's of smoking guns indicating that KFC and el penguin were/are guilty of corruption.
May 09th, 2014 - 03:46 pm - Link - Report abuse 0But was not the corruption of the US govt and the Wall St financial institutions that led to the 2009 crash at least as corrupt and inefficient.
The US government's decision to relax controls on banks combined with the easily anticipated greed and knowing misconduct of those in the bank and mortgage lending business caused as much grief (or almost as much) as that of the default by the Arg government in 2001.
And let's not try to compare Arg's Falklands misadventure with that of the US (and British) fraud-based invasion of Iraq and the mass murder of that country's citizenry.
With this recent sale the amount received by Repsol for its interest in YPF was over 6.2 B. I'm not sure...what was the amount of its original investment?
12. Fraud-based invasion is probably a little bit too strong. I guess you've forgotten that not only did Saddam have Chemical weapons in the 1990's he actually used them too against Iran and his own people. He also started 2 wars against his neighbours as well as murderously oppressed the Marsh Arabs and the Kurds. He wasn't really a very nice man. We actually helped to end him of which I have no regrets.
May 09th, 2014 - 04:41 pm - Link - Report abuse 012. Look up the term whataboutery and re-read your post. Do you feel stupid now?
May 09th, 2014 - 04:58 pm - Link - Report abuse 0@13: Fraud-based is not inaccurate. Mi5 memo said the CIA was fixing the intelligence to support war against Iraq. It was known Saddam had no WMD. As to gas, the US gave it to him for the war against Iran, but he didn't have long range delivery systems. The raison d'etre for US/UK invasion was that Iraq was in cahoots with Al Qaida re 9/11 , a lie fed to the public by Bush, Cheney, and Blair. A fraud was perpetrated on the US/UK public.
May 10th, 2014 - 01:56 am - Link - Report abuse 0@14...I 'm open to criticism and discussion, but why be so cryptic? Why should I feel stupid? Help me out if I have something wrong.
15. Which MI5 memo was that or are you making up facts? MI5 is not an Intelligence agency. It's a security Service. It doesn't offer up opinions on the foreign policy motivations of other countries. That's not its job another service does that. There's an awful lot of myth that gets thrown up about the Iraq invasion. Unfortunately a lot of facts get conveniently buried too. My point is that in 2003 it was a completely understandable point of view to take that Iraq still held weapons of mass destruction. Also the fact that Saddam Hussein “was who he was” probably didn't help his case too much either. I have no regrets about the contribution my country made to ending his regime. However the post conflict handling of Iraq by the UK and the US was incompetent in the extreme. The chaos that occurred post invasion was by no means inevitable.
May 10th, 2014 - 11:37 am - Link - Report abuse 0Anyway...back to the point of the article. Argentina does not seem to be the safest place where to invest your money. Is there any proof anywhere that Kircherist economic polices actually work? I'm just curious how long a country can keep repeatedly keep doing the same dumb thing before empirical evidence intervenes. I mean if you stick your hand in the fire you pull it out right? Why does this country keep ignoring reality and keeps voting in populist fools?
15. If you followed my directions in post 14 I shouldn't have to explain to you why you look stupid.
May 10th, 2014 - 02:10 pm - Link - Report abuse 0Yankee - you would be the absolute last person anybody should follow in terms of directions unless of course it was all about losing money, totally distorted political analysis and how not to make investments in Latin America. A pure genius!!! Hahahahaha all the way from Texas to tell us about Latin America!!!
May 10th, 2014 - 03:07 pm - Link - Report abuse 0Meantime the Argetinian OIl and Gas industry is booming and the biggest growth story in 2014 in all of Latina America - everybody is making a fortune down there right now. Just popping out to in my new Ferrari.....vroom vroom
@17...I did and it didn't clarify your infantile name calling. Try intimidating someone else, somewhere else. You are not serious and deserve to be ignored.
May 10th, 2014 - 03:55 pm - Link - Report abuse 0@16...while not germane to the instant article re Repsol, it needs to be said that no one now seriously disputes that the invasion of Iraq was a trumped up oil grab based upon slanted intelligence. Think about faux yellow cake uranium and faux aluminum tubes for centrifuges ( when in truth Iraq had abandoned its WMD programs).
19. What name did I call you?
May 11th, 2014 - 11:17 am - Link - Report abuse 0Your whataboutery is boring, what does it have to do with the article?
18. Diego, I am not sure why you think I lost money in Argentina, care to tell me how?
Is your Ferrari in Houston now? That makes a the lie a bit more palatable since there are so few Ferraris in Argentina and everyone knows who owns them. I guess you figured that out and made some corrections. Did you learn that from Voice? He backtracks and re-writes the stories all the time too.
BTW Can you tell me what kind of rigs Shell just ordered from you and where you are buying them? Is Shell really going to drill unprofitable wells or have they secretly overcome that little problem and it didn't make it in the news yet?
@19...Don't be coy. It doesn't suit you. You called me stupid. ..and that because you thought my #3 was boring? My #3 was (about) a comment on #2. Or was it because you thought my #12 was stupid?
May 11th, 2014 - 12:33 pm - Link - Report abuse 0My 12 was (about) your #11. Describing my 12 as whataboutery strikes me as a transparently disingenuous attempt to defend your condemnation of Arg. Face it. Arg's failures are not as grotesque as you would like to (for whatever reason) believe.
Now here is a comment about you. You appear to a mean-spirited person with no genuine desire to share any knowledge you may actually possess about the subject. If you know, tell me: how much did Repsol invest in this Arg project and how much did it recover from divestiture?
21. YPF was just about bankrupted by the Ks when they forced it to payout more than 100% of its dividends over multiple years to K cronies.
May 11th, 2014 - 02:11 pm - Link - Report abuse 0Arg is lucky that they invested anything at all.
Also surprise surprise, since the gov't has stolen YPF it has also increased it retail gas prices 300% IN ONE YEAR!!
The Ks were deliberately driving YPF into bankruptcy by not allowing it to raise retail prices over the last decade as part of their “economic model”.
They've done this with every single private business they've stolen.
Drive it into near bankruptcy through fiat and then steal it FOR THE PEOPLE.
Filthy scumbag thugs.
Methinks you don't know much of what you speak about.
@18
May 11th, 2014 - 04:42 pm - Link - Report abuse 0“Just popping out to in my new Ferrari.....vroom vroom”
Good luck with that offroad.
Yankee - you are even dumber than what I thought - I just finished a few chukkas with my Texan friends here at the Houston Polo Club and the overwhelming consensus is that Argentina is the key growth opportunity in 2014 and beyond.
May 11th, 2014 - 09:06 pm - Link - Report abuse 0The quality and size of the of the reserves are outstanding, Galuccio has turned round YPF and now the Repsol deal is finalized another huge international investment announcement is imminent. I am not at liberty here to say who it is yet for legal reasons but it's a big one. Anybody looking to make some money in Neuquen real estate should be jumping in now whilst the opportunity arises. Our own company in oil and gas may get listed soon in the US stock market if our recent negotiations come to fruition. What is impressing everybody here up North is the quality and seriousness with which Galucio is conducting business and is seen as a man who is delivering the returns on investment.
So maybe time for you to take another two week vacation down to Neuquen and get up to speed with the reality and facts on the ground.....rather than letting your anti argentine hatred get the better of you and completely getting all your facts distorted.
Anyway have to go as the jet is warming up now and heading back to my beloved Buenos Aires. ( vroom vroom)
Hugs and kisses Yankee boy -
Like Think and Voice you rarely know what country you are posting from.
May 11th, 2014 - 09:27 pm - Link - Report abuse 0You are boring and a liar.
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