Will the Falkland Islanders soon be learning Chinese?
With the proposed nationalisation of Repsol by Argentina yesterday, the group’s shares fell 7% to 16.31 euros.
Argentinian Presidentette Cristina Fernandez plans to steal a controlling 51% stake in the company’s YPF division.
It’s about 50% of Repsol group output, and a fifth of net profit. Having previously been a bit dopey for years, more recently Repsol’s YPF has opened up exciting new resources in Brazil, the Gulf of Mexico and Nigeria.
But around 5.30 pm GMT today, China’s nationalised Oilfinder General Sinopec confirmed it was in serious talk to buy Repsol’s stake in YPF for $15B.
So unless I’m reading this unusually badly, a private oilexco operating from Argentina is about to become a Sino-Argentine attempt to ensure that Sovereign powers control oil exploration in the waters off Argentina….just across the way from the Falkand Isles. And that company has big oil interests in Brazil…the main ally David Cameroid is hoping to enlist in order to stop the Beastly Cornbeefers from having their wicked way.
I have seen the future, and it irks.
The Slog 