Argentina Names Former Schlumberger Executive As YPF CEO

Date : 05/04/2012 @ 6:41PM
Source : Dow Jones News
Stock : Ypf Sociedad Anonima (YPF)
Quote : 20.46  0.0 (0.00%) @ 4:00AM

Argentina Names Former Schlumberger Executive As YPF CEO

Schlumberger (NYSE:SLB)
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Argentine President Cristina Kirchner named a new chief executive to manage the recently nationalized oil and gas company, YPF SA (YPF, YPFD.BA).

The new CEO, Miguel Galuccio, is a petroleum engineer by training and a former official at the oil services giant Schlumberger Ltd. (SLB), Kirchner said.

"The idea is to have a YPF that's absolutely competitive and professional but with political direction," Kirchner said in a nationally televised speech.

Moments before her speech, Kirchner signed a bill to expropriate 51% of YPF's stock from its majority shareholder, Spain's Repsol YPF SA (REPYY, REP.MC).

-By Taos Turner, Dow Jones Newswires; 5411-4103-6728; taos.turner@dowjones.com

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