YPF shares plunge in Buenos Aires and New York ahead of key week

Shares in Argentina's biggest energy company YPF plunged 4 percent in Buenos Aires today while the company's US-listed shares were 2.4 percent lower in New York ahead of key week.

The government is expected to disclose its plans for the Spanish ran oil producer as Repsol’s president Antoni Brufau arrives in the country to negotiate the company’s situation this week.

On Thursday, the government is expected to send a draft bill to the Congress as President Cristina Fernández de Kirchner meets with the governors of oil producing provinces in a much anticipated gathering.

YPF has been the subject of intense government scrutiny this year, with several provinces threatening to revoke – and terminating in some cases – operating licences granted to the company, citing a lack of production and investment as their reasons.

On Wednesday, Río Negro Governor Alberto Weretilnek announced the termination of a Repsol-YPF concession contract for the Ñirihuau area, located 35 kilometres from the city of Bariloche. It was the second license the Patagonian province terminated in the past two weeks.