Argentina’s state run oil producer posts growth

Insight

Argentina’s state run energy firm YPF recently released 2014 results that showed company growth in all areas. This is just two and a half years after the government nationalized the oil producer. CCTV America’s Joel Richards filed this report from Buenos Aires.

Highlights:

  • YPF needs foreign investment. The first major contract was signed with Chevron and YPF also recently signed an agreement with Chinese producer Sinopec.
  • New legislation dubbed the “Galuccio Law” has been passed to try to attract more foreign investment.
  • The Galuccio Law will have to overcome environmental concerns surrounding fracking.