"Just chill out everyone!" Photo via energiaynegocios.com

This morning, President Macri announced that, after much controversy, Energy minister Juan José Aranguren had sold his US $16 million worth of shares in Shell. Even though he was not legally bound to get rid of them, the decision came after a recent report published by the Anti Corruption Office (OA) advised Aranguren to sell his shares since he was seemingly incurring in a conflict of interest if he did not.

Aranguren was linked to Shell Argentina from 1979 to 2015 and was the company’s CEO for 12 years until his resignation in December of last year, when he was tapped by Macri to become Energy minister.

This timely announcement correlates with the start of Macri’s Business and Investment Forum and it’s clear that the President is trying to avoid any possible bad press when pitching to 1,600 CEOs representing 65 countries in order to boost Argentina’s business prospects.

Macri announced this morning to La Nación that Aranguren had “acted of his own accord” and added that “in this day and age, a person is measured by their gestures.”

Maintaining a more positive public image as Energy minister is key for Aranguren, who is still dealing with the fallout of the tarifazo. According to Clarín, the responsibilities involving foreign oil have been delegated to the Minister for Production Francisco Cabrera, presumably to avoid further unwanted attention.