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Argentina vs Spain -- Energy Resources


Argentina vs Spain -- Energy Resources

Old 04-16-2012, 06:34 PM
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Default Argentina vs Spain -- Energy Resources

This could get interesting. But does it explain Briton's recent re-interest in the Falkland Islands?

Argentina, like Japan, is being slow-bled by having to import energy. But unlike Japan, Argentina just decided to 'take' whatever it needed. Unfortunately, what Argentina needed was already owned by Spain.

Argentina Seizes 51% of Oil Producer YPF to Stem Imports

Argentine President Cristina Fernandez de Kirchner seized control of YPF SA (YPFD), the nation’s largest crude producer, ousting Spanish owner Repsol YPF SA (REP) after a dispute over slumping oil output and investments.

Argentina took over management of YPF with immediate effect, replacing Chief Executive Officer Sebastian Eskenazi with Planning Minister Julio De Vido, Fernandez said yesterday in a speech in Buenos Aires. The government will also send a bill to Congress to take a 51 percent stake in YPF, she said.

The takeover follows more than two months of increasing government pressure on YPF after fuel imports doubled to $9.4 billion last year. The country sought to block YPF dividends and backed provincial governments when they revoked 15 oil field licenses. Fernandez also seized a $24 billion pension fund and airline Aerolineas Argentinas SA since taking office in 2007.


Spain Cautions Argentina on Takeover of Energy Firm

MADRID — The Spanish government warned on Friday that it would take unspecified retaliatory measures against Argentina if it proceeded with plans to take back control of YPF, the large oil and gas producer, from Repsol, its Spanish parent.

The warning came as José Manuel Garcia-Margallo, the Spanish foreign minister, also announced that Spain had called on the European Commission, the United States Treasury and other governments in Latin America to support Spain in its efforts to prevent the nationalization of YPF.

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Old 04-16-2012, 06:43 PM
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England has always been interested in the Falklands, its Argentina who is expressing more interest.

This could get interesting if Argentina follows through.
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Old 04-16-2012, 07:51 PM
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When I was there two weeks ago the govt had controlled the price of fuel to alleviate the extreme inflation the people enjoy. As a result fuel was rationed. Only $150 pesos per fill or about $35U$D per transaction.
Lines at fuel stations for days. Nobody happy. The govt controlled the price and YPF stopped pumping. So the Govt took them over.

People complain about Obama but the Chavez socialist mentality is SWEEPING over South America and the media really doesn't mention it. Oh by the way, Chavez is buddy buddy with Castro from Cuba and Almond-dinner-jacket from Iran.

Just a matter of time before I'll have to be nervous going there so frequently.
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Old 04-16-2012, 07:58 PM
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The Brits knocked the crap out of Argentina once before over the islands, if it ever comes down to it again, count on more of the same result. Now if Spain gets involved and not the Brits I have no idea.
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Old 04-17-2012, 10:18 AM
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Cristina Fernandez de Kirchner is nuts.

She is taking Argentina into a big problem.
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