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Argentina seeks UK funds for expropriated oil group YPF

The company will attempt to get financial backing for a $37.2bn business plan when chief executive Miguel Galuccio and chief financial officer Daniel Gonzalez visit London on September 24 and 25, according to Bloomberg.

Argentina raised tensions with Britain last month by revealing it planned to use YPF to search for oil around the Falkland Islands.

The YPF executives will meet with oil producers Exxon Mobil and Apache in Houston as part of the roadshow, which will also take in Los Angeles, Boston and New York, Bloomberg reported.

The group is looking to tap the Vaca Muerta shale oil formation, an area in southern Argentina that contains at least 23bn barrels of oil.

JPMorgan Chase is organising the trip.

Argentina approved the expropriation of YPF, the country's biggest oil company, from Spanish energy giant Repsol in May, with the latter's executive chairman, Antonio Brufau, insisting the move was an "illegal act" that would "not remain unpunished". Repsol has since vowed to fight for $10bn compensation.

Separately, YPF shareholders has approved increasing a programme to issue debt to as much as $3bn from $1bn, the company said.

[Source: By Andrew Trotman, The Telegraph, London, 14Sep12]

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small logoThis document has been published on 17Sep12 by the Equipo Nizkor and Derechos Human Rights. In accordance with Title 17 U.S.C. Section 107, this material is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes.