After the withdrawal of concessions, YPF’s shares fell a 12%
Argentina, April 2, 2012
After the governor of Chubut Martin Buzzi confirmed the withdrawal of certain concessions of areas to the oil company YPF, the company’s shares tumbled 12% on the NYSE on the first trading day after the government’s decision.
Meanwhile, the Buenos Aires Stock Exchange remains the same for the holiday on April 2. Tomorrow will resume operations and the trend is expected to continue in the Buenos Aires Stock Exchange.
Recently, the southern province withdrew the Springs Behr site that concentrates 10% of the country’s oil production. Besides this, in addition to other three it reach 40% of the production of Chubut.
The company said that the Chubut government actions “only serve to show the official intention of lowering the value of the company.”
Since January of YPF shares have lost 25.3% in New York and 11.44% in Buenos Aires.