Argentina: State-Run Entities Ordered to Buy Fuel from YPF
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Monday, 23 July 2012 |
Argentina's President Cristina Fernández de Kirchner has decreed that state-run entities must buy diesel, petrol and lubricant supplies for cars, boats and planes solely from YPF. The decree said that contracts with competitors such as ExxonMobil, Petrobras or Shell will be honoured but will not be renewed.
The move follows a change in YPF policy, which sees the oil firm paying out just 5.7% of 2011’s profits in dividends. The company said it would use the retained money for extra investment in the firm.
YPF was nationalised by Presidential decree earlier this year. Repsol, whose 57% stake in the firm was expropriated, is seeking compensation through the World Bank and the United States court system.
PetrolWorld 23072012
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