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YPF didn’t find investors yet

Published on Oct. 25, 2012

 
YPF didn’t find investors yet

It has been 6 months since YPF was expropriated in Argentina and the Government has been looking for new investors since then, with no success. The fall in share prices into half their initial value has not been enough to attract them into the oil fields and the fuel exports have raised 35% due to the production reduction in YPF, which was 60% of the market. On the other hand, the company has decided to increase the oil price twice.

It has been also 6 months since the period for achieving a friendly agreement started. This period, stated by law, is expected to solve the Repsol’s claim dated May 10 as the expropriation did not meet the legal requirements.

Repsol has tried to meet the Treasury secretary, Angelina M.E. Abbona, several times since May. Nevertheless, she wrote a letter last week declaring her immovable posture not to solve the dispute until the Spanish Government and the European Union desist from stating international claims.

This proves Argentinean Government’s negative attitude to solve the problem, which reveal that YPF was not expropriated but requisitioned.

On November 10 another 18-month period to solve the dispute in the Argentinean Courts starts. The next stage of the process would be the International Centre for Settlement of Investment Disputes (ICSID). However, Repsol will start claiming before international organizations in November.

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