YPF Accused to Repsol of Breaking the Contract of Gas Supply
YPF managers today accused of breaking the Spanish Repsol supply contracts for liquefied natural gas after the expropriation of the bulk of its shares in oil company in Argentina.
The supply of this fuel is “guaranteed” by increased local production and “new volume” to be purchased to Bolivia, said a statement from the Ministry of Planning, by the intervention of YPF.
“Anticipating almost certainly committed Repsol suspend shipments to generate uncertainty and attempt to harm,” YPF managers had begun talks with other companies that “showed interest” in providing fuel, he said.
Repsol, which began a process of expropriation of 51 percent of its shares in YPF and its holdings in YPF Gas, canceled sending ten ships with cargo of liquefied natural gas with the excuse of delays in signing letters credit with the state Energy Argentina (Enarsa), Buenos Aires press reported.
The first shipment of Repsol was expected by mid-May in the port of Bahia Blanca, 800 miles south of Buenos Aires, where a terminal for unloading and storage of gas.
YPF managers indicated that they had taken actions that “allowed to begin to reverse the scenario” fuel shortages “and that was increased by 2 million cubic meters per day gas production.”
This “will be added from next week another 3 million cubic meters per day from Bolivia” within a bilateral agreement signed gas supply in March 2010, which “will have 5 million cubic meters per additional day “for the Argentine market.
In 2011 “while Repsol YPF was controlled, Argentina had to import fuel for more than 9,300 million for the precipitous drop in oil and gas production company,” noted the statement, noting that it was necessary to “buy abroad “fuels the oil” could and should occur “in the country.
“This new Repsol failure not only surprising but confirms the strategic decision” by the government of Cristina Fernandez de “back to the Argentine YPF control and put it in tune with the needs of” national.
Argentina’s Chamber of Deputies will discuss on Wednesday the final approval of a law providing for the expropriation of Repsol, an initiative that already has the approval of the Senate.
These days, Repsol has published notices in rejecting that has not invested enough in YPF, which holds 57.43% of the shareholding, or caused the depletion of oil, among other charges that the government makes.
Category: Business News
