{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-c03aa079.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-517835be.css\" media=\"all\" /\u003e\n\u003cdiv data-title='NEWS CONFERENCE BY DEPUTY ECONIOMY MINISTER ON NATIONALISED OIL COMPANY' data-url='/boclips/videos/5c54c23bd8eafeecae1582bf' data-video-url='/boclips/videos/5c54c23bd8eafeecae1582bf' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nNEWS CONFERENCE BY DEPUTY ECONIOMY MINISTER ON NATIONALISED OIL COMPANY\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003eA top economic advisor to Argentina's president accused Spanish energy company Repsol on Friday of intentionally cutting production in its former subsidiary in Argentina, YPF, to increase the price of oil. In April President Cristina...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003eA top economic advisor to Argentina's president accused Spanish energy company Repsol on Friday of intentionally cutting production in its former subsidiary in Argentina, YPF, to increase the price of oil. \u003cbr/\u003eIn April President Cristina Fernandez de Kirchner ordered the government to seize control of YPF, calling it an \"expropriation\" rather than a nationalisation because the new YPF is being established as a private corporation. \u003cbr/\u003eArgentina's Deputy Economy Minister Axel Kicillof said that, based on company documents, Repsol was engaging \"in the deliberate politics of creating a shortage of supply and shrinking production to increase prices.\" \u003cbr/\u003eAccording to Kicillof, Repsol \"reduced its production in half when it came to petroleum. They also did when it came to gas.\"\u003cbr/\u003e\"How well was this company run that it hadn't stopped the systematic pattern of producing less each time?,\" he asked.\u003cbr/\u003eKicillof painted a picture of a company that appeared to be in trouble. \u003cbr/\u003e\"This is a company that is going into bankruptcy. It is a shrinking company. It is a company that has fallen behind in the task that a company has, which is to increase production and to increase its reserves.\"\u003cbr/\u003eKicillof also accused Repsol of damaging the environment. \u003cbr/\u003eWhen Argentina made the decision to expropriate the 51 percent of shares that Repsol owned it made the argument that the company was under-investing in its oil and gas fields and failing to keep pace with the needs of Argentina's growing economy even as it paid huge dividends to shareholders.\u003cbr/\u003eEarlier in May, Repsol sued Argentina's government in a US court demanding that Argentina make an offer for the stake. \u003cbr/\u003eWhilst Argentina's president has called the takeover of YPF an expropriation and not a nationalisation the national government and its provinces will together control 51 percent of the shares.\u003cbr/\u003e1. Wide of Axel Kicillof, Argentina's Deputy Economy Minister and Julio De Vido, Argentina's Planning Minister walking into media conference. \u003cbr/\u003e2. SOUNDBITE: (Spanish) Axel Kicillof, Argentina's Deputy Economy Minister:\u003cbr/\u003e\"Repsol-YPF what they did was that production of petroleum compared with the peak today would've been a little more than half, just a little more than half- a 56 percent of what used to be produced by YPF itself. Basically, it reduced its production to half when it comes to petroleum. They also did when it came to gas. How well was this company run that it hadn't stopped the systematic pattern of producing less each time?\"\u003cbr/\u003e3. Cutaway of audience\u003cbr/\u003e4. SOUNDBITE: (Spanish) Axel Kicillof, Argentina's Deputy Economy Minister:\u003cbr/\u003e\"So, basically the company produced each time less and less and in producing less every time has less resources. This is a company that is going into bankruptcy. It is a shrinking company. It is a company that has fallen behind in the task that a company has, which is to increase production and to increase its reserves.\"\u003cbr/\u003e5. Wide of news conference \u003cbr/\u003e6. SOUNDBITE: (Spanish) Axel Kicillof, Argentina's Deputy Economy Minister:\u003cbr/\u003e\"It was the deliberate politics of creating a shortage of supply and shrinking production to increase prices.\" \u003cbr/\u003e7. 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