'We could prove the damage Repsol had caused to YPF'

Planning Minister Julio De Vido and Economy Vice-Minister Axel Kicillof held today a press conference at the Economy Ministry to unveil the latest report about YPF's situation after the government’s takeover which, they announced, has concluded.

Kicillof told reporters “the take over allowed us to prove the damage and the future plans of the company which would have led to its destruction.”

In his presentation of the "Enrique Mosconi" report which will be available on the web within the next hours, Kicillof accused Repsol Spanish oil giant of "an irrational use of the resources."

He blasted Repsol for “expanding internationally” while not investing in Argentina. “It looked like YPF was a deficient company, producing less and less with fewer resources when the reality was, as the figures show, profits were sky rocking,” the official remarked.

The minister went on to praise the domestic economy stating that the unemployment rate fell from 21 percent "at the time of the 2001 crisis" to 6.7 percent."

De Vido went on with the press conference and complained the lack of investment by Repsol highlighting the country’s energy capacity. De Vido called YPF’s seizure a “a leap towards economy consistency.”

He added the company’s takeover has improved its efficiency. Production of oil has risen 4.7 percent and gas production has grown 10 percent, he informed.

De Vido blasted Repsol’s president Antonio Brufau for disclosing his hopes for a “new Argentine government” in order to further discuss a compensation for Spanish petrol giant, following the expropriation of YPF.

“Besides all the looting, it seems to me it is very disrespectful,” De Vido said today.

Brufau told reporters last Tuesday that he was “confident that a new Argentine government would negotiate,” adding that his “prediction is that within three to four years we will be able to find a solution to this issue.”