Gov't attends YPF board meeting, questions 2011 financial reports

The relationship between the Government and the YPF petrol company continues to strain. On Thursday, several Government officials were allowed to attend the board meeting but they opposed approving the minutes and 2011 financial reports for considering that “they do not reflect correctly the company’s current economic and financial situation.” 

The meeting took place in the YPF headquarters, in Puerto Madero. Present were Energy Secretary Daniel Cameron, Deputy Economy Minister Axel Kiciloff – none of them members of the board – and board member and Government representative Roberto Baratta.

Last February 23rd the three officials tried to access the board meeting but were not allowed to do so. 

During the meeting, the Government motioned to suggest the YPF stockholders’ assembly that all 2011 profits that are yet to be distributed are used to create an additional reserve for investment, exploration and exploitation of hydrocarbons.

Despite the Government’s disapproval, the financial reports were approved in a meeting presided by YPF and Repsol CEO Antonio Brufau via videoconference.