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YPF and PDVSA will join forces

Published on Aug. 1, 2012

 
YPF and PDVSA will join forces

Argentina’s President Cristina Kirchner and Venezuela’s President Hugo Chávez signed a document to establish a strategic alliance between the Argentinian oil company YPF and Venezuelan PDVSA.

As the document states, the main objective of this agreement is “joint planning the hydrocarbon value chain in Bolivarian Republic of Venezuela and Republic of Argentina.”

Furthermore, it is intended to create “associations for the estate companies from both countries to optimize current projects and future projects development.”

The alliance sets “PDVSA to join oil and shale gas exploration projects in Argentina and PDVSA and YPF to take part in the in the mixed company to established in the area Ayacucho 6 of the Oniroco Oil Belt. Likewise, PDVSA will join “Transitory Business Union (UTE)”.

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