YPF watch: CEO resignation, Metrogas divestment, Magallanes extension
The CEO of Argentine national oil company YPF, Ricardo Darré, tendered his resignation to chairman Miguel Gutiérrez on Monday.
Darré, who was appointed CEO in June 2016, stepped down for personal reasons, a company statement said.
Concurrently, Gutiérrez and the board have decided to restructure the 51%-state owned company's management team.
Darré will be replaced by a six-member executive committee comprising current downstream executive VP Carlos Alfonsi, CFO Daniel González, executive VP for exploration and production Santiago Martínez Tanoira, unconventional E&P manager Pablo Bizzotto, gas and power head Marcos Browne, and VP for communications and marketing, Sebastián Mocorrea.
Alfonsi will be in charge of a new operations and transformation vice-presidency tasked with promoting innovation and modernization of YPF's corporate structure, in line with international best practices.
González will head the finances and administration unit, while Martínez and Bizzoto will lead the upstream and downstream units, respectively.
Browne will be the executive VP for gas and power, while Mocorrea will be in charge of communications and marketing.
METROGAS
The shakeup follows a report from state news service Télam that YPF plans to sell its controlling stake in natural gas distributor MetroGas, a divestment that could net the NOC approximately US$700mn.
YPF has hired Citigroup to handle the transaction.
MetroGas serves approximately 2.2mn clients in and around capital Buenos Aires.
MAGALLANES TDF
Finally, YPF and the government of Tierra del Fuego province signed an agreement to extend for 10 years the company's E&P concession in the Magallanes area.
A YPF regulatory filing did not disclose how much the NOC plans to invest at the concession during the period.
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