Español

 

Guyana


Trinidad
& Tobago




Very usefull links



PW
Bookstore





News links

AP

AFP

Aljazeera

Dow Jones

Oil price

Reuters

Bloomberg

Views and News
from
Norway

 

 

 

YPF should focus in oil, forget scooters -Massa

Anthony Lanzilote/Bloomberg

“They decided to invest in scooter makers rather than in drilling for oil -- when YPF is an oil company!”
-Sergio Massa a close ally of presidential front-runner, Alberto Fernandez.

- ‘They invested in scooter makers rather than in oil drilling'
- Opposition leader bashes state-controlled company management

By Eric Martinand Pablo Rosendo Gonzalez / Bloomberg

BUENOS AIRES
Petroleumworld 10 08 2019

Argentine state-controlled energy company YPF SA should go back to its core business of pumping oil and stop investing in other projects like scooters, according to one of the closest allies of presidential front-runner, Alberto Fernandez.

“I have criticisms of the current administration,” Sergio Massa, a lower house candidate for the Province of Buenos Aires, said at an event at the Woodrow Wilson Center in Washington on Friday. “They decided to invest in scooter makers rather than in drilling for oil -- when YPF is an oil company!”

Fernandez, who won Argentina's primary last month and is leading polls ahead of an Oct. 27 national vote, will be the one choosing members of the YPF board if elected, Massa said, adding that he hasn't discussed candidates or profiles with Fernandez nor made recommendations. After trading little changed earlier Friday, YPF American depositary receipts rose as much as 2.9% to $9.65 in New York following Massa's comments.

A YPF spokesman declined to comment.

Massa's speech is the first sign from the Fernandez team that if elected, the former cabinet chief will shift YPF's strategy to one aimed at increasing output. Led by financial wizards appointed by President Mauricio Macri, YPF saw production drop for a second straight year in 2018.

Under Chairman Miguel Angel Gutierrez, a founding partner at the Rohatyn Group , and Chief Executive Officer Daniel Gonzalez Casartelli, a former Latin America director at Bank of America Corp , the company focused on shoring up its balance sheet. It sold assets, cutting capital expenditures from as much as $6 billion a year during the administration of President Cristina Fernandez de Kirchner, who is running as Fernandez's vice presidential candidate, to as low as $3.7 billion during Macri's years.

While oil and gas production remained flat, the current administration tried to boost other business such as investing in Bird Technologies , a leading company in urban micro-mobility that provides short distance personal mobility services by distributing electric scooters in big cities.

YPF executives said in June that no investment in any single project would exceed 0.1% of the company's capital expenditure, which the company forecasts at as much as $4 billion this year.

— With assistance by Carolina Millan



Story by Eric Martinand Pablo Rosendo Gonzalez from Bloomberg.

bloomberg.com / 10 04 2019

________________________


We invite you to join us as a sponsor.

Circulated Videos, Articles, Opinions and Reports which carry your name and brand are used to target Entrepreneurs through our site, promoting your organization’s services. The opportunity is to insert in our stories pages short attention-grabbing videos, or to publish your own feature stories.

________________________

Copyright© 1999-2019 Petroleumworld or respective author or news agency. All rights reserved.

We welcome the use of Petroleumworld™ (PW) stories by anyone provided it mentions Petroleumworld.com as the source.

Other stories you have to get authorization by its authors. Internet web links to http://www.petroleumworld.com are appreciated.

Petroleumworld welcomes your feedback and comments, share your thoughts on this article, your feedback is important to us!

We invite all our readers to share with us
their views and comments about this article.

Write to editor@petroleumworld.com

By using this link, you agree to allow PW
to publish your comments on our letters page.

Any question or suggestions,
please write to: editor@petroleumworld.com

Best Viewed with IE 5.01+ Windows NT 4.0, '95,
'98,ME,XP, Vista, Windows 7,8,10 +/ 800x600 pixels

Twitter: @petroleumworld1


TOP

Contact: editor@petroleumworld.com,

Editor & Publisher: Elio Ohep/
Contact Email: editor@petroleumworld.com

CopyRight © 1999-2019, Paul Ohep F. - All Rights Reserved. Legal Information

PW in Top 100 Energy Sites

CopyRight©1999-2019, Petroleumworld ™  / Elio Ohep - All rights reserved

This site is a public free site and it contains copyrighted material the use of which has not always been specifically authorized by the copyright owner.We are making such material available in our efforts to advance understanding of business, environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have chosen to view the included information for research, information, and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission fromPetroleumworld or the copyright owner of the material.