Juan Brignardello Vela
Juan Brignardello, asesor de seguros, se especializa en brindar asesoramiento y gestión comercial en el ámbito de seguros y reclamaciones por siniestros para destacadas empresas en el mercado peruano e internacional.
Economía y Finanzas 22.11.2023
YPF, the state-controlled oil company, is experiencing a true financial "celebration" today in the markets following the victory of libertarian candidate Javier Milei. The price of its stock, which has been listed on the New York Stock Exchange (NYSE) for over 30 years, has surged by 35%.
Last Friday, the stock closed at $10.73 on Wall Street, but currently, it is trading close to $15, approaching its four-year peak. On July 17th, prior to the primaries, it closed at $15.46.
Earlier in the morning, Milei stated that before privatizing 51% of the company's shares, it needs to be restructured. He also anticipated that "YPF and Enarsa will have a role in the energy transition. While those structures are rationalized, they will be used to create value, allowing for a very beneficial sale for the Argentine people."
Initially, Milei is postponing the idea of privatizing YPF shares held by the state, which were expropriated in 2012 during Cristina Kirchner's administration. Currently, the company has a total market value of $5,706 million, according to its Wall Street listing.
"First, it needs to be restructured because since Mr. [Axel] Kicillof [then Minister of Economy] decided to nationalize it, not only did it cause a loss of $16,000 million, but the deterioration that has occurred, making it worth less since it was expropriated. Clearly, it needs to be restructured first," said Milei on Radio Mitre.
"In the energy transition we are considering, they will be used to create value, allowing for a very beneficial sale for the Argentine people," he added.
YPF had attracted investors' attention after the future president of the Central Bank (BCRA) appointed by Milei, Emilio Ocampo, suggested that the company's shares could be used as collateral for the fund they seek to create in order to reduce the Central Bank's peso debt (Leliq).
One of the possible presidents of YPF could be Javier Iguacel, who served as Minister of Energy under Mauricio Macri for six months. The current Mayor of Capitán Sarmiento has a good relationship with the President-elect, as they both share an affinity for reducing taxes.
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