October 19, 2011
Argentine oil company YPF has extended again the period for exercising an o
Argentine oil company YPF has extended again the period for exercising an option to acquire a controlling position of British Gas (BG) in gas distributor Metrogas, until December 26. In June, YPF signed an option agreement to acquire BG's 54.67% stake in Gas Argentino, which in turn holds 70% in Metrogas. YPF now owns 45% of Gas Argentino. Metrogas defaulted on $20m in debt last year as rising costs and frozen gas rates made it impossible to keep up with payments and maintain services.