Argentine oil firm made $3 bn investments in 2011February 9th, 2012 - 11:40 am ICT by IANS
Buenos Aires, Feb 9 (IANS/EFE) Argentine oil company YPF, a unit of Spain’s Repsol-YPF, announced Wednesday that its investments in the South American country rose last year by 50 percent to a record 13.3 billion pesos ($3.06 billion).
The country’s largest oil and gas producer, which President Cristina Fernandez’s government has accused of not investing enough in Argentina, cited the investment figure in a regulatory filing.
The announcement was made just two days after Repsol Chairman and CEO Antonio Brufau met with Argentina’s planning and economy ministers, Julio De Vido and Hernan Lorenzino, amid controversy over the accusations made by Argentine government and rumors about plans to nationalize the formerly state-owned YPF.
“Even though YPF has 60 percent of the fuel market, it has not made investments to expand its refineries in the time that the country’s sustained demand growth requires,” De Vido said last weekend, also accusing the company of not making sufficient investment in exploration and production.
YPF said Wednesday that more than 8.9 billion pesos ($2.05 billion) of its 2011 investment total were earmarked for exploration and production, while another 4.2 billion pesos ($965.5 million) were allocated to refining, logistics, chemicals and marketing.
- Argentina says oil company owes $8 mn in tax - Feb 16, 2012
- Argentine oil firm looks to attract investors - Aug 31, 2012
- Argentina to nationalize Spanish-controlled oil company - Apr 17, 2012
- Argentina orders lowering of wholesale diesel prices - Jan 28, 2012
- World's richest man to invest $1.5 bn in Argentina - Apr 17, 2011
- Spanish firm to look for oil near Falklands - Feb 26, 2010
- Bolivia, Argentina sign revised natural gas deal - Mar 28, 2010
- Mexican firm eyeing Cuba offshore oil projects - Apr 13, 2012
- Argentina facing scarcity of paper money - Jan 13, 2011
- Production at Venezuela gas field to start in 15 months - Sep 07, 2012
- Spanish firm buys Russian oil company for $230 mn - Dec 30, 2011
- Argentina aims at free wireless internet access - Aug 25, 2010
- Brazil's Petrobras announces deep-water oil find - Jan 27, 2011
- Cuba estimates 2011 oil, gas output at four mn tonnes - Dec 22, 2011
- Spanish firm to explore for oil in Alaska - Mar 08, 2011
Tags: 5 million, accusations, argentine government, bn, buenos aires, chemicals, controversy, cristina fernandez, economy ministers, exploration and production, fuel market, gas producer, investments, logistics, oil and gas, oil company, oil firm, refineries, repsol ypf, vido