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YPF wants to create a G10 of Latin American state oil companies

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Staff writer ▼ | May 20, 2014
Miguel GaluccioArgentina's YPF CEO Miguel Galuccio proposed in Bolivia a G10 of Latin American state owned oil corporations to strengthen their bargaining power based on their resources and development synergy.


"It's an idea I want to talk over with the rest of my peers, creating a G10 that could end up as G12, of presidents of state owned companies" said Mr. Galuccio in Santa Cruz, during the IV Oil and Gas congress organized by the Bolivian state oil company YPBF.

"Bolivia's president said that having energy is power, and I think that making it a group and looking for synergy will give us even more power" added Mr. Galuccio referring to the opening words from Bolivian president Evo Morales.

The potential group could include, Argentina's YPF; Bolivia's YPFB; Mexico's Pemex; Brazil's Petrobras and Venezuela's PDVSA, among other government oil companies. During the opening speech of the congress, Mr. Morales said that countries with certain political power in Latin America or in the world, are not those that have arms or economic resources, but rather those that control energy sources.

"The country with energy is the country that has power. It's not the one with missiles, it's not the one with ample financial resources. I'm just saying this is what I think and the conclusion I have reached", said Mr. Morales.

Mr. Galuccio said that Latin America is a region with no conflicts and with energy integration bridges, with gas pipelines that cross several countries, with power stations jointly operated and with other forms of energy exchange along border lines.

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