Your current location：home > News > News Details
China Gas Information
Just two days, Argentine President cristina shown to the world "the iron lady" demeanor: 15 April, because it failed to meeting the falklands dispute issues, a resolution, Christina in America summit go off in a huff, in anger early exits in protest. The second day, Christina resolutely announced that the Argentine government forced purchase the country's first big oil enterprise YPF company 51% of the shares are decided.
Christina's "iron wrist" makes the sinopec to avoid the loss: according to Argentina "national newspaper disclosure, in the Argentine government decided to YPF from the first big shareholder Spain repsol company purchase before 51% stake, feel the storm adjacent repsol company is to adopt a" false scent "strategy, ready to their holdings of shares sold to YPF company sinopec.
If sinopec from repsol company hand YPF high prices for the company's shares, the Argentine government will YPF company nationalization, suffered huge losses will be sinopec not repsol company; Spain and Argentina's government now at swords' points of tension will be transformed into China and the Argentine government fierce conflict between.
20 years from privatisation and became nationalised
In fact, from repsol company hand forced acquisition YPF company shares, propping up facing great international pressure, the European Union and the United States both require maintenance propping up foreign the lawful rights and interests of investors, the European Union and even threatened to Argentina to take collective action. But Argentina's President cristina in the face of such a great pressure could not be 7) budged.
Experienced JiFengZhouYu week, Christina feel exhaustion of body and mind. On April 20th, Christina by special plane to Argentina south Santa cruz province, Rio and "goss city, this is Christina and her husband, Nestor kirchner, the beginning of the road to the President. The Christina came to her husband's cemetery visits, bring along announced it will YPF company nationalization bills, to comfort her husband's soul, "her husband in 2003 to 2007 as Argentina's President, has been looking forward to YPF company will take Argentina's hand.
YPF company is in Argentina in former President MeiNaM during the privatization. MeiNaM at present as Argentina senator, he says, oneself will be in the senate voted to support will YPF company nationalized bill. For this paradox judgment, MeiNaM explains, "when Argentina will YPF privatization is right choice, now will YPF withdraw state-owned also is right choice.
Argentina in parliament also had the problem of YPF company private vote, at that time as a federal members to Christina YPF company privatisation bills cast affirmative vote.
The support will YPF privatisation members now became a drive to YPF nationalisation of the President. The push YPF privatization is now President support will YPF nationalized senator, this ironically reflects the reality of is in the recent 20 years Argentina development mode and concept change drastically.
YPF company was founded in the early 20th century, in the 1930 s become state-owned enterprise. In the early 1990 s, and accept the new liberalism "development pattern of Argentina MeiNaM government will state-owned enterprises mass privatisation, YPF also in the privatization of the column.
In 1992, propping up the privatisation of the company start YPF process, after several degrees to reduce their holdings of, 1999, propping up in YPF company retain only 0.01% of the "golden share", more than 50% of the shares for the Spanish repsol company has. But it is this 0.01% of the shares that can be propping up the board of directors of the company to YPF sent on behalf of the government, the company management supervision, YPF company's every move in government under supervision. In some cases, propping up still can override the other shareholders' decision, has veto with only one vote.
Privatisation of the disadvantages
YPF company after privatization, although the company profits have increased slowly, but oil and natural gas production is to drop year by year. Cause such situation, is mainly because of propping up the oil price control, not with the international market price link up with, so YPF companies do not want to in petroleum exploration and mining field put too much money, and more willing to import crude oil and natural gas processing, be engaged in profit more rich oil refining and product sales business.
YPF is Argentina's first big oil companies, so the company oil reserves and production declining dramatically necessarily causes Argentina the entire oil industry productivity sustained recession.
According to the data provided by the propping up, repsol company after capturing YPF company, access to capital than the YPF company net profit. During the 2007-2011, YPF company's net assets shrink from $8.3 billion to $4.353 billion. YPF company hello fat the big shareholders repsol company, but he himself becomes more and more weak, so propping up accused repsol company empty YPF company and is not out of thin air "crime".
A few years ago, repsol has felt YPF company in Argentina business situation more and more difficult, and constantly to reduce their holdings of shares in the hands, it will be 25.46% of the shares sold to Argentina peterson energy group. The Argentina enterprise and government have a close relationship, and can help repsol ease the pressure from the government level. Period, including sinopec, China petroleum enterprise once hope from repsol company hand YPF purchase shares of the company, but were repsol company refused to. Because propping up is not willing to see foreign petroleum enterprises in YPF company's power is more and more big.
From last year, Argentina energy crisis intensified, to maintain a favorable balance of trade scale, propping up a try to limit imports, but by YPF company as a representative of oil companies to import crude oil and gas but the number of years of rising sharply. Last year's energy imports and Argentina trade surplus size. This was not attacked along that way, very passive.
From the beginning of the year, the federal and local government began a hard blow save the situation. First take YPF company in Argentina won the bid more block oil field, then decided to YPF company to nationalised, only the government fully control the oil giant's production and management, to turn the whole kingdom