John.St
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No.Repsol, ... The payment for the oil they exported was to supply the internal market at a reduced profit and to invest in developing new sources of oil and gas.
"The problem was a government approved practice of allowing Repsol to use profits to pay shareholder dividends rather than invest that money in the company's future. "That led to a lack of reinvestment in utilities, little exploration and dwindling reserves, as oil fields dried up and productivity fell," Fernandez said." [1]
This was part of the documentation I provided in post http://baexpats.org/..._50#entry240653
[1] http://www.huffingto..._n_1444144.html
Edit:
I suddenly remembered where I had the main source for the YPF Dividend Policy.
CASE A: THE EXPROPRIATION OF REPSOL-YPF (ARGENTINIAN VERSION)
Dividend Policy.
Following the agreement signed in late 2007 between Repsol-YPF and the Petersen Group, promoted by former President Néstor Kirchner, the parties agreed to a dividend policy that proved satisfactory to both. It also contributed to giving the company’s shares appeal in the
markets in terms of an appropriate relationship between dividends and earnings (payout). To this end, they agreed to distribute 90% of the company’s profits as dividends, in two installments each year.
http://www.balas.org/BALAS_2013_proceedings_data/data/documents/p637900.pdf p. 6