Argentina Seeks Joint Energy Venture With Brazil-FT

Date : 04/22/2012 @ 6:38AM
Source : Dow Jones News
Stock : Ypf Sociedad Anonima (YPF)
Quote : 19.99  -1.18 (-5.57%) @ 4:02PM

Argentina Seeks Joint Energy Venture With Brazil-FT

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Argentina is seeking joint energy ventures with Brazil after the international community condemned Argentina for plans to nationalize oil group YPF SA (YPF, YPFD.BA), the country's biggest oil and gas producer, the Financial Times reported Sunday.

Julio de Vido, the planning minister who is in temporary charge of YPF, traveled to Brasilia for talks to Edision Lobao, Brazil's energy minister, and Maria das Gracas Silva Foster, Petrobras chief, the newspaper said.

Last week, Argentine President Cristina Kirchner sponsored legislation to seize a 51% stake in the YPF from Spain's Repsol YPF SA (REPYY, REP.MC).

"The challenge that this new YPF and Petrobras have is to work together, in joint businesses and joint finances," de Vido said, according to the FT.

Brazil's state-run energy giant, Petroleo Brasileiro SA (PBR, PETR4.BR), said Friday it will continue to invest about $500 million a year in Argentina even as Argentina moves to expropriate a major oil and gas company from private investors.

By Jenny Gross, Dow Jones Newswires, +44 779 932 4778;

jenny.gross@dowjones.com

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