Fill 'er Up: Argentina's Energy Industry  

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Jenis: Article from Bulletin/Magazine
Dalam koleksi: The Economist (http://search.proquest.com/) vol. 403 no. 8780 (Apr. 2012), page 49-50.
Topik: Petroleum Industry; Nationalization; Public Finance; Energy Industry; Fiscal Policy; Presidents

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Perpustakaan Pusat (Semanggi) Nomor Panggil: EE29.71 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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First they came for the pension funds. Then they went for the central-bank reserves. Argentines have wondered for years which kitty Cristina Fernandez and her government would grab next to sate their appetite for cash. On April 16th they got an answer, when she announced she would send a bill to Congress to nationalize 51% of YPF, the former state oil firm. It will exclusively target the shares that Spain's Repsol bought in 1999, six years after YPF was privatized. The country has suffered an energy crunch. It now uses 15% more hydrocarbons than it produces. The government has blamed its woes on Repsol, accusing the company of carting off profits instead of reinvesting them. There is some truth to this. Most governments facing a cash crunch turn to the debt markets. But Argentina has not been able to borrow in the markets for years, because investors demand punishing interest rates and because it is still mired in legal battles with the holdouts from its 2001 sovereign default. As a result, it has had to look for financing internally. Taking over YPF offers Fernandez both financial and political benefits.

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