Le dilemme énergétique de l’Argentine

BUENOS AIRES – La nationalisation de presque toutes les participations de la société espagnole Repsol dans le producteur argentin YPF, annoncé dans un discours enflammé de la Présidente Cristina Fernández de Kirchner, a soulevé une vague de questions d’ordre juridique partout dans le monde. En fait, cette décision ne suffira pas à résoudre les problèmes énergétiques du pays sans l’apport d’énormes investissements dans le secteur.

Repsol a pris le contrôle total de YPF en 1999 ; en février 2008, elle transférait une partie de ces participations au Groupe Peterson, qui détient aujourd’hui 25% des parts. Repsol contrôle actuellement 57% des parts, et le reste est détenu par des investisseurs boursiers. Le gouvernement argentin a l’intention de reprendre le contrôle de 51% des parts, ne laissant à Repsol que 6% de participation.

Dans la cession de parts de 2008, les deux actionnaires majoritaires avaient convenu de redistribuer au moins 90% des bénéfices futurs en liquidités. Cette décision devait permettre au Groupe Peterson de rembourser sa dette auprès des banques, ainsi qu’à Repsol, une dette contractée lors de l’acquisition de ses parts qui n’avait pas fait l’objet d’un versement initial.

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