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How the offshore network impacts the YPF-Chevron agreement

How the offshore network impacts the YPF-Chevron agreement

By Julian D’Imperio

The national deputy Rubén Giustiniani presented the keys to the YPF-Chevron agreement, remarked that they will investigate whether there was tax evasion and whether there was economic damage to the National State. In addition, he criticized the resignation of sovereignty and jurisdiction before the courts of New York.

Alleged tax evasion. Giustiniani spoke with PROFILE and highlighted the possibility of an alleged tax evasion: "This network of offshore companies that are carried out in general has an objective that is to evade taxes. Here there is a curious network of offshore companies, which start in the State of Delaware, it passes through Bermuda, continues through Uruguay and ends in Argentina. "

"The first question is whether there is a detriment to taxation here, to the taxes that all Argentines and all companies in the country pay," he added.

In addition, the national deputy stressed to this portal that "it is a contract that was not actually signed by YPF and Chevron, but by two offshore companies of both companies."

Possible economic damage to the National State. According to what Giustiniani confirmed to PROFILE, "for 35 years, YPF cedes 50% of Vaca Muerta to Chevron, but due to all that offshore structuring, Chevron never appears in Argentina."

"It is essential to know how much Chevron puts in and how much it takes. That will decide whether or not the national interest is preserved. We are talking about the richest Natural Reserve in the country," said the official.

In relation to this issue, Senator Pino Solanas, during the presentation, had no doubt to express his opinion: "We are facing a great scam. All kinds of public control were mocked. A hungry town, which has more than a third those who work in black, who are 32% poor, who have phenomenal wealth, and give it away without any public control ".

And he pointed out against the former Minister of Economy, Axel Kicillof, and the former President, Cristina Fernández de Kirchner: "This contract is a model of impunity and irresponsibility or of surrender by our leaders. This was signed by Kicillof and Cristina." .

Finally, he affirmed that he is "sure" that "Chevron has free availability, that is, if it wants to, it takes its 50%."

Resignation of the sovereignty and protection of Chevrón. Giustiniani criticized that sovereign immunity and jurisdiction will be resigned in the contract: "The agreement was signed with the laws and courts of New York. Any conflict there will be its laws and those of the Paris court that prevail."

However, this would not only be the only protection that Chevron guaranteed itself in its contract, since with the alleged network of offshore companies, Giustiniani explained that it could "liquefy Chevron's responsibility for any environmental liability that may exist."

"The gas and oil extraction method is even prohibited in several states of the United States due to environmental contamination, there is a very rigorous control," argued the deputy.

Regarding environmental risks, Senator Pino Solanas stated in the presentation of the agreement that "based on this contract model, all responsibility for environmental control is erased. All of this is YPF. Chevron has no responsibility."

According to the details provided in the presentation of the contract, the figure of Chevron appears as a lender, and it would be guaranteed to have profits and zero risks.

Eduardo Viale, from the Argentine Association of Environmental Lawyers, assured from his Twitter account that if so, "YPF expressly waives any right of immunity to which the company may have due to its majority state shareholding."

Another detail that he revealed is that the contract was written only in English, not in both languages.

Giustiniani concluded his speech by promising: "We are going to deliver a copy to the National Auditor's Office and another to the National Ombudsman's Office and we are going to propose to form a commission with environmental organizations, on the right to access information journalists who want to participate, to make an analysis of the contract ".

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