Argentina president-elect Javier Milei taps oil veteran to run state energy firm YPF
Milei plans to tap Horacio Marín, a 35-year industry veteran who has worked in the US and South America, to become president and chief executive officer of YPF SA.
Argentina president-elect Javier Milei is turning to a longtime oil-industry executive to lead the nation’s state-run energy company that he’s pushing to privatise.
Milei plans to tap Horacio Marín, a 35-year industry veteran who has worked in the United States and South America, to become president and chief executive officer of YPF SA, a spokesperson for the president-elect’s Milei’s political party said Wednesday.
YPF’s American Depository Shares climbed as much as 2.3 percent Wednesday.
Marín, who currently oversees exploration and production for Billionaire Paolo Rocca’s shale driller Tecpetrol SA, would be central to any push by Milei to re-privatise YPF. The company was nationalised in 2012 to spearhead development of the rich shale fields of Patagonian.
Milei, a libertarian ex-television personality who has drawn comparisons to Donald Trump, has pledged to stoke new life into Argentina’s oil sector by tearing away export hurdles, uncapping fuel prices and encouraging competition among drillers.
Marín inherits a hosts of challenges at YPF.
In September, a US federal judge ordered Argentina to pay US$16 billion over a lawsuit tied to nationalisation YPF. The nation’s oil infrastructure has atrophied during the years of government control. And in October, Argentina faced widespread fuel shortages because rampant inflation left YPF unable to pay foreign suppliers for gas and diesel.
related news
-
Inflation cools for fourth straight month
-
Monthly inflation slows to single-digit: 8.8% in April
-
Argentines flock to banks as Milei awakens mortgage market
-
Argentina questions three banks on puts, bond transactions
-
Book Fair attendance down 10% amid economic crisis
-
IMF endorses Milei austerity, paves way for new funds
-
Milei wins IMF staff support to unlock US$800 million
-
Mercedes Marcó del Pont: Argentina is disregarding the state's role in attracting investment
-
Private-sector investment suffers biggest fall of Milei government yet
-
Javier Milei: in love with the ‘cowboy caste’