YPF Bars Politicians From Board Meeting as Government Official Walks Out
YPF SA (YPFD), Argentina’s largest energy company, said it barred three politicians from entering a meeting in Buenos Aires today, prompting the government’s representative on the board to walk out in protest.
Roberto Baratta, who voted against two YPF dividend payments last year, left the board meeting after being told that Energy Secretary Daniel Cameron, Deputy Economy Minister Axel Kicillof and other officials accompanying him weren’t allowed to attend, YPF said today in an e-mailed statement.
The Argentine unit of Repsol YPF SA (REP), based in Buenos Aires, faces pressure from the government to reduce dividends and invest more after President Cristina Fernandez de Kirchner blamed the company and other oil producers for the doubling of fuel imports in 2011. Cameron last week threatened “vigorous measures” against YPF if it fails to meet domestic fuel demand.
YPF told the three politicians to wait to speak with Repsol Chairman Antonio Brufau and YPF Chief Executive Officer Sebastian Eskenazi after the board meeting and they decided to leave without doing so, YPF said.
YPF’s American depositary receipts rose 0.3 percent to $33.65 in New York today. They have dropped 33 percent in the past 12 months.
To contact the reporter on this story: Laura Price in Buenos Aires at lprice3@bloomberg.net
To contact the editor responsible for this story: Dale Crofts at dcrofts@bloomberg.net
Rate this Page