Published on Oct. 25, 2012
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 ...
Published on Oct. 9, 2012
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 ...
Published on Aug. 1, 2012
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)”.
Published on July 24, 2012
After the uncertainty caused by the Argentinian nationalization of YPF, the Brazilian miner Vale Do Rio Doce will take part in the Potasio Rio Colorado project (PRC) to extract potassium from Malargüe, Mendoza.
Cristina Kirchner made the announcement yesterday. In addition, during a ceremony held in the Casa Rosada, the Argentinian president signed the contract for building 350 kilometres of railway to connect Río Negro and Neuquén, and 120 kilometres of power lines over the Colorado River.
The megaproject will make the production of 4.3 million tons of potassium possible. Potassium is “one of the three essential nutrients for agriculture”, said Cristina Kirchner. The Brazilian mining company will invest 29,500 million pesos and 12.000 jobs will be ...