Argentina Seeks Partner for YPF to Invest $10B

Argentina Seeks Partner for YPF to Invest $10B

The Argentine government is looking to seduce major international oil companies to invest some EUR8 billion, or about $10 billion, in the country's energy sector with YPF SA, just days after it moved to nationalize YPF, the Argentine unit of Spanish oil company Repsol YPF SA, reports Expansion in its Thursday Internet edition.

The investment won't have to necessarily entail the purchase of YPF shares, but there could be alliances for specific projects or the creation of a joint venture, the newspaper says.

China Petroleum & Chemical Corp, known as Sinopec, and CNOOC Ltd. are the main candidates, the paper adds.

Recent press reports said that Sinopec had already reached a nonbinding agreement with Repsol to purchase a controlling stake in YPF before Argentina moved ahead with its nationalization plans.

Copyright (c) 2012 Dow Jones & Company, Inc.

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