Horacio Marin will be the new head of YPF

Horacio Marin will be the new head of YPF

Horacio Marin, current president of Exploration and Production of the company Tecpetrol will be the next president of YPF, as confirmed Ambit through sources in the oil sector. He will be part of the cabinet that Javier Milei is putting together after his victory in the runoff.

The chemical engineer graduated in La Plata with studies at Stanford and the University of Texas, knows the oil industry very well. The official announcement will occur between Thursday or Friday. The challenge that Marín will face will not be easy. YPF has enormous potential as well as problems.

However, in the sector they recognize Marín as having complete knowledge of the subject. “You have to help him,” said an important oil businessman.

It is worth remembering that Tecpetrol, the oil company of the Techint group, where Marin is president of Exploration and Production, produces about 20 million cubic meters per day (MMm3/day) of gas output in Fortín de Piedra, and contributes 16% of the supply. total gas in Argentina.

Markets: how YPF did after the runoff

Meanwhile, yesterday the markets reacted positively to the election of Javier Milei as future president. This Monday, YPF increased its market capitalization by US$3.9 billion in a single day.

In any case, a debt of US$16,000 million hangs on the company – actually on the Argentine State – that it will have to pay after the ruling in favor of the Burford Capital fund for the expropriation of YPF.

Meanwhile, the president-elect, Javier Milei, reiterated in journalistic statements on Monday that he intends to privatize numerous public companies, including YPF.

“Everything that can be in the hands of the private sector, will be in the hands of the private sector.””, he said in statements to radio Miter. “YPF first has to be recomposed. Since (former Minister of Economy Axel) Kicillof decided to nationalize it, the deterioration that has been done to the company in terms of results so that it is worth less than when it was expropriated… Obviously the first thing to do is to rebuild it,” he sentenced.

In another order, Guillermo Ferraro who will take over as Minister of Infrastructure and who will be in charge of several areas, confirmed that Eduardo Cirillo will be the secretary of Energy, an area that will have to interact with YPF. Cirillo is also a recognized expert in the energy sector.

Source: Ambito

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