Repsol should 'erect a monument to Cristina', according to a Spanish newspaper

03/06/2021 1:11 PM

• Clarín.com

• Economy

Updated 03/06/2021 1:20 PM

"Things are not always what they initially seem," begins the article in El Mundo, one of Madrid's main newspapers, with a harsh title for the epic speech on the expropriation of YPF.

"

Repsol should erect a monument to Cristina Fernández: YPF is worth less than ever".

The article explains that "in 2012, Repsol's expropriation of 51% of its YPF subsidiary made the then Argentine president, Cristina Fernández de Kirchner, the center of all criticism in Spain. Nine years later, perhaps the oil company should to thank the current vice president and her then economy minister, Axel Kicillof, because YPF is worth less than ever and

is in serious financial difficulties

. "

The title of the note is based on the following accounts: it assures that “Buenos Aires sent to Madrid

5,000 million dollars

to keep the majority shareholding in YPF, but 100% of the company, which has a debt of 6,200 million dollars. It is worth

just 1,500 million

on the stock market today

”.

In addition to the debt, El Mundo assures that "there is a pending trial in the New York courts that could cost the country another billions of dollars; this is how the joke that has been circulating in Buenos Aires for years is understood: Repsol should erect monuments Fernández de Kirchner and Kicillof at their headquarters ”.

The article also points to the huge debt of the Argentine oil company.

Remember that YPF "was about to fail to pay a series of bonds for a total amount of 6.2 billion dollars."

The article in the newspaper El Mundo in which they assure that YPF is worth less than ever.

On the other hand, says the note, the expectations placed on Vaca Muerta, “which it should take to Saudi Argentina, were never fulfilled.

To this was later added the effect of the COVID pandemic, which reduced fuel consumption, and

the political struggles in YPF,

where Fernández de Kirchner managed to displace the president (Guillermo Nielsen) to put someone he trusted (Pablo González, former deputy governor of Santa Cruz) with which, says the article "now both the CEO and the president respond to the former head of state."

The newspaper fails to mention the heavy losses that YPF announced on Thursday.

The company lost US $ 1,098 million in 2020

and - for the first time in more than 30 years - even its sales in pesos fell.

The health situation caused a 70% drop in fuel sales between April and May, a blow from which YPF could not recover.

In an almost unprecedented event, unprecedented in recent years, there was a drop in billing in pesos.

It touched the $ 669,000 million in 2020, against $ 678,000 million that it invoiced in 2019.

As part of a global cost reduction program of 20%, YPF reduced its non-contract workforce by 13% through voluntary retirement.

NE

Look also

YPF's crisis worsens: it lost US $ 1,098 million and its sales in pesos sank

Mercado Libre's value falls by US $ 28,000 million in just one month