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Iberdrola profits increase 12%

Published on Oct. 26, 2012

 
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In the 3 first quarters of this year, Iberdrola has achieved a 2,401 million Euros net profit, which means a 12% increase over the same period last year. This increase contrasts with the 36% drop of profits in Spain.

This national fall was due to a cutting in networking compensation, a decision passed by the Government in March, but yet to come into force. The cutting does not take into account the effect of the new fiscal measures on the production.

Fortunately for Iberdrola, their turnover in Spain represents only 25% of the group net profit, 616 million Euros. The rest comes from international commerce, which rose 52% in the same 9 months, up to 1,785 million Euros ...

YPF didn’t find investors yet

Published on Oct. 25, 2012

 
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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 ...

Bolivia to issue government bonds

Published on Oct. 23, 2012

 
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For the first time since the 1920s, Bolivia will issue government bonds in order to collect 500 million dollars. According to The Wall Street Journal, Bank of America and Goldman Sachs will be in charge of meeting with potential investors.

Bolivia is now seeking for new investors since the former contributors left due to oil and gas nationalization in 2006. The energy sector was particularly affected by this flight.

However, the world market situation is in favor, since low rates paid in developed countries lead more and more investors to emerging countries.

“During this year, 55,700 million dollars have been issued in form of debt, which exceeds the total amount of 55,300 million dollars issued last year”, the ...

Further austerity measures and higher tax rates for Portugal

Published on Oct. 17, 2012

 
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The Portuguese Government presented in the Parliament the State Budget for 2013 on Monday. In the words of Vítor Gaspar, Minister of Finance, the Budget, the most austere budget ever in Portugal, includes a “sharp tax rate increase.”

The Judges Association announced that in case the document passed as it is -the Government has absolute majority- they will ask for "an inspection on its constitutionality", since they consider “the Budget violates tax system's principles, such as the ability to pay, envisages by the Constitution.”

The Council of Ministers drew up the State Budget after a 20-hours meeting. The Government expects to accomplish its deficit reduction commitment, cutting GDP to 4.5%.

First, the number of stages for the Personal ...

Gas Natural Fenosa into the Portuguese homes

Published on Oct. 10, 2012

 
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Gas Natural Fenosa is expanding its service in Portugal. The Spanish company, which supplied natural gas to the Portuguese industrial sector, is now determined to provide service within the domestic sector by the year 2015.

Gas Natural Fenosa owns already 12% of the local market and 60,000 industrial clients in its portfolio.

José Gil, Gas Natural Fenosa CEO, announced the decision last week during a conference in Lisbon. He also stated that the gas and electricity offers depend on the regulatory framework and the charges, which are fixed by the Electric Services Regulatory Entity.

Regarding the entity’s decision to expand the temporary charge for the October-December period, José Gil said that this resolution does not represent the market reality and this may serve as an incentive for the entry of new companies so that there is a competitive market.

Repsol sues YPF for offering Vaca Muerta to other oil companies

Published on Oct. 9, 2012

 
Read Repsol sues YPF for offering Vaca Muerta to other oil companies

The Commerce Court n. 1 in Madrid upheld the claim brought by Repsol against YPF due to unfair competition.

The case stems from YPF offering shale oil and gas reservoirs which Repsol found before they were expropriated. The offer includes Vaca Muerta, one of the biggest oilfields that would lead a third competitor to a privilege position in the oil and gas sector.

The company owned by Antonio Brufau reminds that the Unfair Competition Act forbids competitors to take benefit from an advantage gained through legal infraction - that means the expropriation.

In April Argentina expropriated 51% of YPF, which belonged entirely to Repsol (who owned at that moment 57.4% of the company).

In May YPF and the American miner ...

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