April 24, 2014
'Argentina will end up paying much more' for Repsol compensation
For economist and PRO party congressman Federico Sturzenegger, the Argentine government will end up paying much more than what it agreed with Spanish Repsol to settle a compensation for YPF expropriation.
"Aregtnina agreed to pay 5 billion dollars, but it will end up paying 11 billion dollars”, the economist said today.
“The government accepted what we had proposed in the first place,” Sturzenegger said recalling his political force warned at that time the government had to immediately compensate the Spanish oil company when expropriating it to avoid a collapse in foreign investment.
He added “oil and gas production in Argentina fell 7 percent, there haven’t been investments, Vaca Muerta is lost, and as YPF cannot be financed, gasoline prices have doubled.”
“The government takes over companies and then begs for investors to come,” he told a radio show.
“We need coherence, to think in the long term,” he concluded.