Argentina, the outcast

[scotttswan]

http://en.mercopress.com/2012/05/09/argentina-the-outcast

interesting article by the former Brazilian minister for foreign affairs.

Brazil’s energy giant Petrobras, one of the largest corporations in the world, was publicly invited to expand its production in Argentina through new investments. Petrobras, with its global interests, could never accept this invitation, particularly given its effort to obtain the financing that it needs to develop Brazil’s immense offshore oil reserves.


Sinopec, China’s second largest oil company was reportedly holding discussions with Repsol to acquire a substantial share of its assets in Argentina. Now all bets are off. As an unnamed Chinese source told Reuters, “this is a challenging situation for anyone, given the action taken by the government. For me, it would be political suicide to allow a Chinese company to prospect YPF control rights after the nationalization announcement.”

I also know that the Chinese were involved in talks over BP's share in an Argentine oil company, shares that BP are desperate to get rid off, but they pulled out at the last minute.