Today it was revealed that the new CEO of the Argentine State-owned energy company YPF is Ricardo Darré. An engineer with a highly technical background, Darré was working as Managing Director of Exploration and Production (E&P) of the French oil company Total in the US.
Why is his appointment a big deal? For starters, YPF is the country’s largest State-owned oil company: 51 percent of its shares are owned by the government. His predecessor (bar the interim CEO), Miguel Galuccio, stepped down in March amid controversy over “secret clauses” in the 2013 agreement between YPF and US energy corporation Chevron (regarding developing shale oil in Neuquén Province, details of which had remain undisclosed).
According to Cronista, Darré’s technical background and specialization in drilling and oilfields made him stand out as a candidate. The idea is that he will be working in tandem with Miguel Ángel Gutiérrez, the president of the company who will be in charge of government relations and policy.