Argentina is seeking joint energy ventures with Brazil after the international
community condemned Argentina for plans to nationalize oil group YPF, the
country's biggest oil and gas producer.
Julio de Vido, the planning minister who is in temporary charge of YPF,
traveled to Brazil for talks with Edision Lobao, Brazil's energy minister, and
Maria das Gracas Silva Foster, Petrobras chief.
Last week, Argentine President Cristina Kirchner sponsored legislation to
seize a 51% stake in the YPF from Spain's Repsol YPF. "The challenge that this
new YPF and Petrobras have is to work together, in joint businesses and joint
finances," de Vido said, according to the FT.
Brazil's state-run energy giant Petrobras,said Friday it will continue to
invest about USD500 million a year in Argentina even as Argentina moves to
expropriate a major oil and gas company from private investors.