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Tuesday, April 17, 2012

Economy Deputy-Minister Kicillof: 'We will not pay Repsol what they say'

Vice-Minister of Economy Axel Kicillof speaking in the Upper House today.

During today's debate held over the Repsol-YPF expropriation draft bill at the Upper House, Economy Deputy-Minister Axel Kicillof stated that "Argentina will not pay Repsol whatever amount they consider the company is worth", and remarked that the government's intervention on the oil and gas company will “review” the company's accounting documents as previous directors kept key data as “secret information” leaving a cloud of doubt over YPF’s real value.

“We are able to say that the mentioned figures, regarding the value of the company, are to be reviewed as we discover the twists and turns and secret information managed by the company,” Kicillof said today.

The statements were made during a plenary session where three committees of the Upper House were debating over the nationalization of YPF's 51 stake percent. Planning Minister Julio De Vido was presiding over the plenary session.

The draft bill labelled “The Recovery of Sovereignty over Hydrocarbons” was sent to Congress yesterday by President Cristina Fernández de Kirchner yesterday and bids for 51 percent control over the energy company's shares, effectively giving the Argentine government control over the company.

The debate began this afternoon in the Congress’ Blue Salon in a plenary session with commissions: Constitutional Affairs, Budget, Finance and Mining, Energy and Petrol present.

De Vido, Economy Deputy-Minister Kicillof, and Energy and Petrol Secretary Daniel Cameron were leading the meeting.

The debate is to continue throughout today, tomorrow, in order for a consensus to be able to be drawn by Thursday.

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Tags:  Upper House  committees  three  chambers  Congress  YPF  bill  expropriation  





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