Planning Minister Julio De Vido denied that the Government plans the “intervention” of the energy sector and clarified that “we demand investment and production plans. This is not an intervention, simple more planning.”
Argentine union leaders said that the conflict inside the CGT umbrella organization is “purely political” and claimed that President Cristina Fernandez is after a “divided and passive” organized labour movement.
Following the official new curbs on US dollar purchasing for savers, the head of the Argentine Central Bank Mercedes Marcó del Pont came on stage to defend the measure and anticipate that operations in the real estate market will have to be done in Argentine Pesos.
In an attempt to recover the political initiative and sliding opinion polls Argentine President Cristina Fernández announced the launching of an ambitious housing program aimed at building 400.000 homes in the next four years.
Argentine former economy minister Domingo Cavallo assured that had the restrictions to buy US currency not been applied by the local Government “people would be flocking to buy dollars.”
Argentine President Cristina Fernandez made the historic decision to nationalize oil and gas company YPF at “the right moment” because Repsol was “milking dry” YPF resources and reserves, said Planning Minister Julio De Vido and Deputy Economy minister Axel Kicillof at a press conference at the Economy ministry in Buenos Aires.
Argentine state-controlled energy company YPF said it risks having its American Depositary Shares (ADS) de-listed by the New York Stock Exchange since it is not complying with all regulatory requirements.
Spain-based energy group Repsol has sent letters to oil majors including Exxon-Mobil, Chevron and Conoco-Phillips warning it would sue them if they try to invest in YPF or its assets, reports the British newspaper The Financial Times.
Three Argentine ministers denied as “false” that YPF, under control of Spain’s Repsol had invested more than 20 billion dollars in the company since 1999, arguing the fall in Argentine oil and gas production and reserves is clear evidence of that.
Argentina accused Spain's Repsol oil company on Tuesday of hiding the true value of its Argentine YPF unit and said a thorough review of its books after seizing control of its offices will affect the compensation paid to its shareholders.