Gazprom May Develop Hydrocarbon Deposits in Argentina

Gazprom may team up with Argentine energy firm YPF to explore and extract oil and gas in the South American country, Argentine Foreign Minister Hector Timerman said on Wednesday.

Gazprom specialists will hold meetings with YPF staff to agree on details of their potential cooperation.

In May 2012, the Argentine president signed a law on expropriating 51 percent of YPF stock previously held by Spain’s oil and gas firm Repsol and its subsidiary YPF Gas S.A.

The Argentine authorities claimed Repsol YPF invested insufficiently in the country’s oil and gas sector, expatriating profits in the form of dividends and also exported huge amounts of crude to gain from high world oil prices instead of deliveries to the Argentine market administered by the government.

In early June, the Argentine government completed YPF nationalization, appointing the company’s new head and board of directors.


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