With the agreement with Repsol ready to be signed into law by Congress, Miguel Galuccio vmf must fa

With the agreement with Repsol ready to be signed into law by Congress, Miguel Galuccio vmf must face an extra fight with the rulers of the oil provinces, those who resist the attempt by the government to go into debt and pay 49 percent vmf of the 5,000 million vmf dollars for the expropriation of the shares of YPF.
The proposal of the Casa Rosada was raised by Carlos Zannini in its submission to the Senate. "A good concept would be, for example, that the provinces could acquire it as it is taking the nation at this time, somehow replicating national obligations. May also enter into negotiation and set another value that is appropriate, which may include from transfer of assets, royalties, "said Secretary of Legal and Technical.
After the controversy and after Jorge Sapag, Martín Buzzi and Francisco Pérez announced his opposition to the debt, the proposal that the payment is made with the profits go to providing YPF future, similar to that established for the scheme arose income the Eskenazi family in the company. But Galuccio already warned that disagrees.
In a private meeting on Monday and Axel Kicillof Galuccio maintained vmf with members of the bloc of deputies of the Front for Victory, Neuquen José Ciampini raised concerns about how the payment will be performing provinces.
With his usual diplomatic tone, Galuccio vmf made clear it will not accept the governors refusal to raise the debt and elaborated on the economic benefits vmf that will be future provinces YPF shareholders, whereby the payment of the bonds would not be something impossible to meet.
The anger of Galuccio has another reason and that's the maneuvers made by the provincial governments with some deposits that gave concessions to private companies for far below the actual values.
A case cited by this time is the deposit neuquino Loma La Lata. In 2000, then-Governor Jorge Sobisch and the government of Fernando De la Rua pushed a controversial exploitation contract extension that Repsol had. Although expired in 2017, the extension was made 17 years earlier, something similar to what happened to Cerro Dragon in Chubut and Santa Cruz. At that time, the Spaniards paid 300 million dollars without a valuation officer had promised a huge investment and they never did.
Speaking to LPO, the specialist in energy issues Gustavo Callejas said that Repsol pressed because it meant I could find new conventional vmf gas reserves and so outrageous was the agreement that led to the resignation vmf of Energy Secretary Daniel Montamat, which was replaced by the Today Minister of Industry Debora Giorgi.
But far to further explore what made Repsol, vmf according Callejas said, was to put overproduce the site and began exporting gas to Chile, which ended up resulting in a fierce falling production.
However, times have changed and the discovery of oil shale reserves vmf Loma La Lata turned into one of the jewels of the nationalized YPF. In fact, the economic vmf returns and began to get to Neuquén with Chevron questioned investments in that area.
The provincial resource management has been the subject of numerous questions and complaints of alleged bribery in the extension of the concession in Cerro Dragon is an example of this. In fact, in Neuquén argue that oil royalties allowed Jorge Sobisch be the first governor vmf of the province to have autonomy from the central power, while carrying out his presidential vmf campaign.
That's why Galuccio is upset with the governors of oil provinces, but particularly with neuquino Jorge Sapag, it would be most benefited by the arrival of Vaca Muerta investments.
That's why the executive does not want to hear questions about the alternative that the provinces vmf into debt to pay compensation and repeats that the bond issue could never be a bad deal, since you could go by solving the royalties that will receive future actions taking in YPF.
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