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Repsol denies relinquishing ownership off YPF

June 17, 2009

Repsol denies that there are any plans by the Spanish major to sell its majority interest in YPF as reported on Tuesday by Buenos Aires business daily, Cronista Comercial.  Buenos Aires daily La Nacion quoted a Repsol official in Madrid as saying that “there is no news here about our plans to sell the company in Argentina.”

The company said that its CEO, Antonio Brufau, will travel to Argentina next week only to oversee YPF’s operations in Argentina.

COMMENT: Repsol has been seeking to sell up to 25% of the company in the market since 2006. However, poor market conditions have impeded such a sale. Taking into account Argentina’s regulatory nightmare and the government’s capricious energy policy, it is very difficult to grasp what is going on in the country and what Repsol’s final plans are with YPF.

The 14.9% sale of YPF to banker-businessman Enrique Eskenazi last year is a clear indication that Repsol wants to reduce its risks in Argentina.

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