Shell criticized the Government after its statements against the oil company


Argentina, January 26, 2014

Juan Jose Aranguren, president of Shell in Argentina, said today that he sent a letter to the Minister of Economy Axel Kicillof, after he accused the company of having boosted the official dollar rise after buying US$6 million. “We’re not going to shut up while they scare us” he added.

The Government stated that the oil company Shell on Thursday called “a group of foreign banks to buy the dollar above 8 pesos, when it was below that value.”

“That’s totally false. We participated in the market from Tuesday to Friday” said Aranguren and added: “On Tuesday we specified exports by $ 14.7 million and imports by 11.3 million, with a balance for $ 3.4 million, which liquidated in the market at 6,885 pesos, below the daily close. On Wednesday we need to purchase $ 1.6 million, we changed 6,896 pesos”.

He also stated that the Central Bank was aware of the operation: “The Central was aware from a week of dollar purchases that would make Shell to meet its import and export of fuel businesses.”

“We would like the minister to explain to us how to get cheap dollars, but the fact is that four days a week, three ended up trading below the daily average of the exchange rate” he concluded.

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