Repsol (REPYY.PK) warns that it will sue any companies that invest in YPF (YPF -4%) following...

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Tobanski Comments (6)
 
AB-SO-LUTELY!! Anyone dealing with Argentina today is un-patriotic AND very foolish for dealing with the devil. Also, evidently there isn't all that much crude oil anyway or else YPF would have been more actively pursuing it.
23 Apr 2012, 01:07 PM Reply Like

Uncle Pie Comments (1583)
 
For some unknown reason, Standard & Poor's upgraded Repsol stock this morning, according to the Dow Jones News.
23 Apr 2012, 01:17 PM Reply Like

UnCoverUp Comments (29)
 
It is true that international oil companies (IOCs) like ConocoPhillips (COP) prefer to deal with a dictator who takes bribes as quid pro quo for inequitable production sharing contracts (PSC) that are used as "legal" license to steal the oil and gas resources belonging to the people the dictator oppresses.

As ConocoPhillips Chairman James J. Mulva only recently learned from his experience in dealing with Libyan dictator Gaddafi, the victims of criminal conspiracies like the Mulva-Gaddafi arrangement will eventually take forceful action to prevent further theft of their property, and the shareholders of the IOCs will demand will eventually take legal action to recover the damages caused to the IOCs share price as its directors are prosecuted for violations of the Foreign Corrupt Practices Act (FCPA). See http://UnCoverUp.net.

IOCs' boards would serve their shareholders better by demanding that management do a full-cycle accounting comparison between the ultimate costs, including to company reputation, to do honest business in countries like Argentina, Norway, etc. and to do corrupt business in dictatorships like Gaddafi's Libya, Nigeria, Qatar, etc.
23 Apr 2012, 01:43 PM Reply Like

kenprice Comments (9)
 
Argentina has a long (and sorry) record of screwing investors, including their own citizens. YPF/Repsol is only the latest pigeon to be screwed. The reason is simple; Argentina has been living above its means, and is now running out of foreign exchange. Stealing YPF will provide the country with a short-term assist, at the cost of long term success. Who, in their right mind, would invest a cent in Argentina? Worse, the shale oil in Argentina will be difficult, if not impossible, to extract without foreign assistance, and Argentina doesn't have the financing to buy that expertise, and no one will partner with the government after YPF.
23 Apr 2012, 03:00 PM Reply Like

rhoughton Comments (3)
 
kenprice - I would agree with you completely if it wasn't for history constantly repeating itself. In a reasonable period of time the Argentine "dictator" will find one or more greedy companies/countries that will come in and help them explore/extract oil and gas. Assuredly they will screw it up in time, and they will repeat the cycle again, and again, and again. The sheeple of Argentina will continue to elect the same type of "dictator" over and over.
23 Apr 2012, 08:07 PM Reply Like

Crude Oil Trader Comments (281)
 
So true....I must be getting old, this almost comes to be expected.
24 Apr 2012, 10:31 AM Reply Like

Disenchanted Comments (71)
 
Detente - Argentina-Venezuela. Chavez is sick now. What's next for the other dictator? Lesson for Obama: If you want to get elected. provide cheap gas to people. Learn from the two dictators. And once you get elected, then, learn from Putin. Strong-arm people and change the rules to stay on the job for as long as you want to. Who else can he learn from? Yes, learn how to gather a great cash flow and store it in overseas account, like many big US companies, to avoid paying capital gain taxes.
24 Apr 2012, 08:29 PM Reply Like