De Vido: 'Repsol's investment was insufficient, causing danger to the company'

Planning Minister Julio De Vido and Deputy Economy Minister Axel Kicillof, who head the audit investigating investments made in the petrol company YPF -currently in the process of expropriation- denied today that Repsol had invested more than 20 billion dollars in the company since 1999, as the Spanish company had stated to the Argentine press.

“Repsol’s investment was insufficient because it triggered a reduction of production and reserves of YPF, leading to an important damage for the company and the country,” the communiqué stated.

“It is false” that the Spanish Repsol, the company that the government is aiming to expropriate the 51 percent of YPF, has invested more the 20 billion dollars between 1999 and 2011, it continued.

The statement coincides with the session current held at the Senate to debate the draft bill over the expropriation of YPF Oil Company.