Tag Archives: YPF

News, Politics, Government

Chevron and YPF sign $1.5 billion shale oil deal

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Argentina’s state-controlled YPF oil company has persuaded Chevron Corp. to sign a long-sought deal to invest $1.24 billion developing the South American country’s shale oil deposits.

The joint venture adds up to $1.5 billion overall, the first major foreign oil investment in Argentina since President Cristina Fernandez seized control of YPF from Spain’s Grupo Repsol last year.

YPF CEO Miguel Galuccio and Chevron CEO John Watson presented it Tuesday night to the president, who granted special privileges this week to any oil company investing more than a billion dollars in new shale ventures.

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Source: FULL ARTICLE at Fox World News

News, Politics, Government

Venezuela prompted EU to change summit declaration

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Leaders of 60 nations meeting in Chile have agreed to a broad agenda that includes reducing trade barriers and risks for foreign investment, making new climate change commitments and rethinking the war on drugs.

Latin American diplomats tell The Associated Press that Venezuela lobbied the Europeans to change a key phrase regarding investor protections in a draft of the summit declaration.

The Europeans are upset by a series of unilateral moves by left-leaning Latin American governments to recover their natural resources. Spain says Argentina owes Grupo Repsol $10.5 billion for expropriating the Spanish company’s controlling stake in the YPF oil company.

A European Union delegate told the AP that they finally agreed Saturday to include a Venezuelan statement supporting the right of any government to make its own rules.

Source: FULL ARTICLE at Fox World News