Log in
Login
Password
Remember
Lost password
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 

4-Traders Homepage  >  Shares  >  BOLSA DE COMERCIO DE BUENOS AIRES  >  YPF SA    YPFD   ARP9897X1319

YPF SA (YPFD)

SummaryNewsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector news 

Argentina's Santa Cruz Province Revokes 3 YPF Concessions

04/12/2012 | 09:07am US/Eastern

Argentina's Santa Cruz Province has revoked three concessions held by embattled energy company YPF SA (YPF, YPFD.BA) in a dispute over investment.

Santa Cruz Governor Daniel Peralta signed a decree late Wednesday rescinding the Canadon Vasco, Pico Truncado-El Cordon and Los Perales-Las Mesetas concessions, the provincial government said in a statement.

In its most recent 20-F filing with the U.S. Securities and Exchange Commission, YPF listed Los Perales as home to some of its most important oil and gas fields.

Earlier Wednesday, YPF submitted a plan to the provincial government in which it pledged to invest $4.38 billion in 11 concession areas between 2012 and 2017.

"As governor of the people of Santa Cruz, I'm ashamed that they are trying to take us for fools," Peralta said in reference to YPF's investment plan.

In recent weeks, a number of provinces have revoked more than a dozen concessions held by YPF at the behest of President Cristina Kirchner.

Kirchner accuses private-sector oil and gas companies of not investing enough in their operations to prevent Argentina from becoming a net energy importer.

Local media close to the administration have reported this week that Kirchner might announce a federal takeover of YPF on Thursday after a meeting with provincial governors.

YPF's shares traded in Buenos Aires closed 5% lower at ARS114.50 on Wednesday. Its ADRs also fell 5% to $21.11, giving the company a market capitalization of about $8.3 billion.

-By Ken Parks, Dow Jones Newswires; 54-11-4103-6740, ken.parks@dowjones.com

React to this article
Latest news on YPF SA
08/31DJArgentina Creditors Can't Seize Assets of Central Bank, Court Rules
08/19 LYONDELLBASELL NV : To Sell Argentina-based Petroken In $145 Mln Deal
08/19 YPF : To Acquire 46% Interest In Petroquimica Cuyo From Inversor Petroquimica
08/19 YPF : And Inversor Petroquimica To Acquire Petroken Petroquimica From LyondellBa..
08/18 LYONDELLBASELL NV : Announces Sale of Argentina-based Petroken
08/04DJEUROPE MARKETS : European Stocks Break Five-session Winning Streak
08/04DJEUROPE MARKETS : European Stocks Break Five-session Winning Streak
08/04DJEUROPE MARKETS : European Stocks Set To Break Five-session Winning Streak
08/03 Correction
07/30DJEUROPE MARKETS : Nokia, Rolls-Royce Help Provide A Fillip For European Stocks
Advertisement
Income Statement Evolution
More Financials