Argentina's YPF oil company runs empty on US tour

AP News
Posted: Sep 28, 2012 7:37 PM
Argentina's YPF oil company runs empty on US tour

BUENOS AIRES, Argentina (AP) — Argentina's state-controlled oil company has finished a U.S. and European tour with no new investors to show for it.

YPF President Miguel Galuccio had 40 meetings with 70 businesses and investors in Los Angeles, Boston, New York and London, inviting them to help develop the world's third-largest reserves of shale oil and natural gas.

The company called it a "non-deal road show" and said Friday that no new partnerships were expected yet.

Argentina is sitting on a fossil fuel fortune, but needs billions of dollars to produce it, and major oil companies have yet to commit. Analysts blame the government's heavy hand in the market and Grupo Repsol's threat to sue any partner for the $10 billion investment that Argentina seized when it took over the company this year.