In late August, amid a sharp plunge in the Argentine peso, global suppliers to o...
BUENOS AIRES - In late August, amid a sharp plunge in the Argentine peso, global suppliers to oil giant YPF received an unwelcome surprise in their inbox. A four-page notice that dollar contracts would be paid at a set exchange rate, far weaker than the market rate.
Now they are getting worried. Macri was sorely beaten in a primary election last month by left-leaning Peronist rival Alberto Fernandez who is now the favorite to win a presidential election next month. The country is also grappling with newly-imposed capital controls and a mounting debt crisis. “Projects that are on the limit of becoming not economically viable will be postponed. Projects will be postponed to keep cash. This is what happens. When you don’t have a clear view of what is going to happen in your revenues and the cost of funding, it’s very difficult circumstances,” she said.
U.S. energy firms involved in Argentina including Exxon Mobil Corp and Halliburton are watching the economic and policy situation closely, though they did not comment directly on the exchange rate freeze or confirm whether they planned to cut back on business in Argentina. Soon after, in the letter sent to overseas suppliers and partners, YPF said the “critical” situation was “totally unforeseen and alien”. The sharp peso fall and the government price freeze was raising the firm’s costs and hitting sales.YPF, in a statement to Reuters, said the notice’s “sole purpose is to maintain financially sustainable operations” while the price freeze was in effect. The firm added that it had adjusted the agreed rate since to 46.
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