Chevron Corp., the world’s third- largest oil company, signed an accord with Argentina’s YPF SA to invest $1.6 billion this year in shale development and become the country’s largest foreign producer of shale oil and natural gas.
Cnooc Ltd., China’s biggest offshore oil and gas explorer, is considering selling its stake in Argentina’s Bridas Corp. to free up money for other projects, according to people with knowledge of the deliberations.
Almost 32 years to the day since Argentina undertook a failed invasion of the Falkland Islands, the South American nation is exempting tourists to the islands from a tax on credit card spending abroad, claiming the British- controlled archipelago is “national territory.”
Argentine securities tied to economic growth tumbled after Cabinet Chief Jorge Capitanich said the government won’t make a $3.6 billion payment on the notes following a revision of gross domestic product data.
Almost a decade after Wall Street questioned the appeal of securities tied to economic growth that Argentina issued to extricate itself from a record $95 billion default, banks from Citigroup Inc. to Credit Suisse Group AG are doubting whether they can be valued at all.
Argentine bonds surged the most in emerging markets after the government said it has received financing proposals from international investment banks as the nation’s reserves stand at a seven-year low.