Weekly Report - 16 May 2013 (WR-13-19)

ARGENTINA | YPF. On 9 May Argentina’s state-controlled oil firm, Yacimientos Petrolíferos Fiscales (YPF), reported first quarter net profits of Ar$1.26bn (US$246m at the official exchange rate), down 2.8% year-on-year over the same period of 2012. YPF came under state control in May 2012 after the Argentine government expropriated (to date without compensation) a 51% controlling stake held by Spain’s Repsol, on the grounds that the company had failed to invest sufficiently in the development of the country’s hydrocarbon deposits, specifically its vast Vaca Muerta shale deposits in the south of the country. Argentina’s fuel import bill reached almost US$10bn last year and is expected to hit anywhere between US$13bn and US$15bn this year.

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