Miguel Galuccio has three principal objectives for 2014: “to produce, produce and produce.”
To help achieve that aim, Galuccio, who has run the Argentine energy company YPF since the government expropriated a 51 per cent share from Spain’s Repsol in 2012, is looking for partners. Continue reading »
As Argentina’s economy enters crisis mode with the peso crumbling, nobody is watching more closely than the management of Repsol and its shareholders.
On January 29 the Repsol board will meet, as it does on the last Wednesday of every month. On the agenda will be the finer details of a proposal by the Argentinian government to compensate Repsol for having nationalised its controlling stake in Argentina’s biggest oil firm, YPF, in May 2012. Continue reading »
There are two ways to read the IMF’s call on Monday night for Argentina to sort out its dodgy inflation and economic statistics by next March – or, uniquely, face expulsion from the international lender.
The first way is that the country will never comply. After all, railing against the IMF has been a rhetorical hallmark of the presidencies of Cristina Fernandez (pictured) and her late husband, Nestor Kirchner. Continue reading »
As the saying goes, it is not over until it’s over.
Nonetheless, last night’s putative agreement between Spain, Argentina and Mexico to settle the YPF-Repsol dispute looks promising – Repsol shares spiked over 4 per cent on Tuesday morning on the news – although there are several provisos. Continue reading »
Will Ecuador’s long-running dispute with Chevron sour its relations with Argentina? After all, Argentina’s state-run YPF signed a $1.24bn deal with the US oil giant to develop vast shale reserves despite calls from Rafael Correa, Ecuador’s president, to boycott the company.
But friendship between leftwing leaders appears to be unconditional. Continue reading »
Cristina Fernández likes to drive a hard bargain, especially when it comes to rapacious foreign investors. It plays well with her domestic audience. But her take-it-or-leave-it offers risk badly backfiring.
If her government really is going to decide unilaterally on a price for what Argentina owes Repsol for its expropriated 51 per cent stake in state oil and gas company YPF, as reports in local media suggest, and just dump the money into the Spanish company’s bank account in Buenos Aires, that will not be the end of the story. Continue reading »
YPF CEO, Miguel Galuccio (L), with Ali Moshiri, Chevron's CEO for Latin America and Africa
So it finally happened. Chevron finally signed on the dotted line to become Argentine oil company YPF’s first international partner. Will it be the first of many? Time will tell.
In the end, there were few surprises amid the details cautiously released to the media via a press release. Chevron had initially talked of investing $1bn; YPF then talked up expectations to $1.25bn. In the end, it came in at $1.24bn. Continue reading »
What is Pemex playing at?
Why would the Mexican oil company’s CEO go to the trouble of flying to Barcelona two weeks ago to explore the possibility of brokering a peace deal between Spain’s Repsol (in which it has a 9.37 per cent stake) and YPF, Repsol’s renationalised former unit, if Pemex was then going to vote against the deal at a board meeting? Continue reading »
YPF, Argentina’s nationalised energy company, will import at least 50 per cent more fuel for the foreseeable future after a freak storm last week caused fire and flood damage at its La Plata refinery that sent its share price falling by more than 3 per cent during trading on Monday. Continue reading »
Less than a year after Argentina seized control of YPF, could the state-controlled oil company be close to a deal with its former parent, Repsol of Spain, to develop rich shale resources in Argentina?
Such is the spin, it’s hard to know how to take this. No one has actually seen a copy of the deal which one source close to the negotiations claims has been sitting ready to be signed for more than a week. Continue reading »
Shares in YPF, the nationalised Argentine oil and gas company, surged by more than 7 per cent in New York and by nearly 9 per cent in Buenos Aires on Friday morning, before backtracking a bit, after La Nación newspaper reported that Brazil’s Petrobras was selling out of Argentina and YPF could be the buyer. Continue reading »
Looking for a new way to save? Nationalised energy company YPF wants to sell Argentines more than petrol and diesel. Now it wants to sell them bonds, too.
The company, seized from Spain’s Repsol in April, has been tapping the local capital market heavily in recent months. The new peso bond will be the first to specifically target small, retail investors. (In past issues, YPF has targeted institutional investors in pesos or in bonds issued in pesos but linked to the dollar.) Continue reading »
Whenever the subject of partners for Argentina’s YPF to develop the Vaca Muerta shale deposits crops up, it isn’t long before someone suggests China as a potential investor.
So Carlos Bulgheroni’s admission that the Bridas group, in which his family and China’s CNOOC each own 50 per cent stakes, is planning to invest Vaca Muerta with YPF will have a lot of people sitting up. Continue reading »
Just when New York Judge Thomas Griesa must have been relaxing at having got Argentina’s holdout saga out of his court, another suit involving the country goes and plops into his in-tray.
This case this time? Repsol v. Chevron. The Spanish oil company followed up on its threat to sue any companies that sought to join forces with its expropriated former unit, YPF, to develop shale assets, and filed a complaint against the US major. Continue reading »