Argentina’s president-elect, Javier Milei, will tap a veteran oil industry executive to run the country’s state energy company, which he intends to privatize.
Milei plans to appoint Horacio Marín, a respected industry professional with 35 years of experience who has worked in the United States and South America, to become president and CEO of YPF SA, a spokesperson for the president-elect’s political party said Wednesday. Milei.
YPF ADRs rose as much as 2.3% on Wednesday.
Marín, who currently oversees exploration and production at billionaire Paolo Rocca’s shale driller Tecpetrol SA, would be central to any Milei attempt to privatize YPF again. The company was nationalized in 2012 to promote the exploitation of the rich shale deposits in Patagonia.
Milei, a libertarian and former television personality who has been compared to Donald Trump, has promised to breathe new life into Argentina’s oil sector by removing obstacles to exports, freeing fuel prices and encouraging competition among drillers.
Marín inherits a series of challenges at YPF.
In September, a US federal judge ordered Argentina to pay US$16 billion for a lawsuit linked to the nationalization of YPF. The country’s oil infrastructure has atrophied during years of government control. And in October, Argentina was hit by fuel shortages as rampant inflation prevented YPF from paying foreign suppliers of gasoline and diesel.
Source: Gestion
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