Louisiana Light • 2 days | 75.78 | -0.87 | -1.14% | |||
Bonny Light • 1 day | 78.55 | -0.06 | -0.08% | |||
Opec Basket • 2 days | 79.69 | -2.90 | -3.51% | |||
Mars US • 32 days | 79.71 | -2.05 | -2.51% | |||
Gasoline • 10 mins | 2.109 | -0.001 | -0.05% |
Bonny Light • 1 day | 78.55 | -0.06 | -0.08% | |||
Girassol • 1 day | 78.88 | -0.24 | -0.30% | |||
Opec Basket • 2 days | 79.69 | -2.90 | -3.51% |
Peace Sour • 1 hour | 56.07 | -0.72 | -1.27% | |||
Light Sour Blend • 1 hour | 59.92 | -0.72 | -1.19% | |||
Syncrude Sweet Premium • 1 hour | 64.52 | -0.72 | -1.10% | |||
Central Alberta • 1 hour | 58.07 | -0.72 | -1.22% |
Eagle Ford • 2 days | 69.52 | -1.03 | -1.46% | |||
Oklahoma Sweet • 2 days | 69.50 | -0.75 | -1.07% | |||
Kansas Common • 1 day | 62.50 | -0.75 | -1.19% | |||
Buena Vista • 2 days | 79.16 | -1.03 | -1.28% |
We think it’s a mistake…
The potential for Venezuela, an…
James Burgess
James Burgess studied Business Management at the University of Nottingham. He has worked in property development, chartered surveying, marketing, law, and accounts. He has also…
Back in April President Cristina Fernandez de Kirchner’s government seized 51 percent of YPF, the largest oil producer in Argentina, from Repsol in an attempt to halt declining oil output and stem fuel imports that doubled to $9.4 billion last year. The Argentines believed that Repsol had not invested enough to develop the potentially huge shale reserves.
Before the government took control of YPF it was controlled by the Eskenazi family, who regularly used YPF dividends to keep up with the payments of a $1 billion loan which used YPF shares as collateral. After the seizure the government banned YPF dividends which led to the Eskanzi’s defaulting on their loan, and transferring their YPF shares to the creditors.
One of these banks was Grupo Financiero Inbursa SAB, which is owned by the world’s richest man, according to the Bloomberg Billionaire Index, Carlos Slim.
Slim now controls 32.9 million of YPF’s shares, giving him an 8.4 percent stake of YPF, worth $345 million. Arturo Elias, a spokesman for Carlos Slim announced that they “view it (YPF) as a solid company with good growth potential,“ and that all that remains is for Slim to analyse whether or not he wants to retain the stake.
Miguel Galuccio, the CEO of YPF, said that “the The incorporation of the Mexican businessman in the shareholding ranks of the company is a clear signal to the international financial market. It’s a great show of confidence in Argentina and the company’s new initiative.”
Laurence Balter, who oversees $100 million for Fox Island, Washington-based Oracle Investment Research, believes that Slim has struck lucky with his new shares because “YPF is worth much more than it is priced today. “
By. James Burgess of Oilprice.com
James Burgess studied Business Management at the University of Nottingham. He has worked in property development, chartered surveying, marketing, law, and accounts. He has also…
Oil Prices Fall Further As U.S. Crude Oil Inventories See Major Build
Second Israel-Linked Vessel Seized in the Gulf of Aden
OPEC Said To Consider Additional 1 Million Bpd Output Cut
OPEC+ Reaches Preliminary Agreement to Deepen Oil Production Cuts
Crude Oil Inventory Balloons but Gasoline, Diesel Inventories Fall
ADVERTISEMENT
The materials provided on this Web site are for informational and educational purposes only and are not intended to provide tax, legal, or investment advice.
Nothing contained on the Web site shall be considered a recommendation, solicitation, or offer to buy or sell a security to any person in any jurisdiction.
Trading and investing carries a high risk of losing money rapidly due to leverage. Individuals should consider whether they can afford the risks associated to trading.
74-89% of retail investor accounts lose money. Any trading and execution of orders mentioned on this website is carried out by and through OPCMarkets.
Merchant of Record: A Media Solutions trading as Oilprice.com