This is too funny. Last week the head of Aerolineas filed a complaint, not with an independent body, but with the Minister of Commerce, Guillermo Moreno, accusing YPF and others of overcharging when Aerolineas is sold jet fuel. The problem is, Aerolineas is paying less than other airlines but the attacks continue. The question is to what end?
By the way, the Minister of Commerce, Moreno, is the axe man or pitbull for the adminastration. Last week he invited about 100 CEOs of the largest companies of Argentina to a meeting. They didn't talk much...He just told them; if they cannot compesate for imports (make sure dollars don't just escape from the country) then all they have to do is turnover the keys to the their respective companies to their secretaries and he will be by to pick them up (just in case some of you don't get the threat, he is threatening them with nationaliation).
Today YPF was told to get dollars from outside to buy "gasoil" from outside of Argentina. As already mentioned, YPF has complained that AFIP (equivalent of IRS) and the Secretary of Commerce (Guillermo Moreno) told YPF it cannot exchange pesos for dollars to buy "gasoil". So, now the Adminatration wants YPF, I assume Repsol, to use billions of dollars that they have or to stop the dividend to buy "gasoil". By the way, yesterday the President of Repsol arrived from Spain to try to deal with the problems facing YPF. President K. refused to meet with him and they've assigned an assistant to the assistant of the Minister of Energy to meet with him.
These European managers need to stop being so polite trying to appease this Adminastration. These are not civilized politicians. YPF needs to adopt a scorched earth approach and start threatening these idiots that they will end up spending more than US$10 billion from the national treasury buying oil outside of Argentina if they continue harrassing YPF. The Argentine people always back down if one pushes hard enough. The first thing the President of Repsol needs to do is not waste any time meeting with a low level flunky...He needs to announce that he came here to meet with the President of the Republic and the Ministers of Commerce and Energy or he's going back to Spain. Also, demand the YPF be allowed to exchange pesos for dollars and if the current adminastration would like to use dollars from the outside all it has to do is bring back all the hundreds of millions of dollars it stole and placed in bank accounts outside of Argentina. It's time to fight the way these local politicians fight; dirty.
One would wonder if the local government is not playing the market since they can make the news? They would make a ton of money on the stock and options since they know when both good and bad news is coming out.