YPF CEO appeals for investors, prepares strategy

AP News
Posted: Aug 23, 2012 2:37 PM
YPF CEO appeals for investors, prepares strategy

BUENOS AIRES, Argentina (AP) — The CEO of Argentina's state-controlled oil company says he'll personally defend any investments made by foreign partners willing to place long bets on developing the country's huge shale oil reserves.

It's a tough sell for YPF chief Miguel Galuccio, who needs many billions of dollars to go after the unconventional oil and natural gas.

Major oil companies are holding back while Argentina refuses to pay $10 billion for the YPF shares it expropriated from Grupo Respol in Spain. Argentina also recently announced an elaborate system of price controls and said bureaucrats will decide what profits can be made by any energy company working in Argentina.

Still, Galucccio told a conference Thursday that companies can profit from helping Argentina become an oil exporter, and that he will personally defend their investments.