Morgan Stanley Seen Shipping LNG to Argentina as Repsol Cancels
By Isaac Arnsdorf – Jun 1, 2012 3:53 PM GMT+0100
A ship hired by Morgan Stanley is bringing liquefied natural gas to Argentina from Trinidad and Tobago after Repsol SA (REP) canceled shipments following the government’s takeover of its YPF SA unit.
The Excel will arrive in Bahia Blanca tomorrow, ship- tracking data compiled by Bloomberg show. The carrier is employed by Morgan Stanley, according to the website of its Antwerp, Belgium-based owner, Exmar NV. (EXM)
Repsol canceled 10 shipments of LNG to Argentina this year because the government breached contracts following the seizure of YPF, the country’s biggest oil producer, Madrid-based spokesman Kristian Rix said last month. That’s causing Argentina “to pay more than foreseen” as it competes with Asian buyers for spare cargoes, Julio De Vido, minister of federal planning, public investment and services, said last month.
Miguel de Potter, chief financial officer at Exmar, said Morgan Stanley (MS) charters the Excel. Hugh Fraser, a London-based spokesman for the bank, declined to comment.
Argentina will need about 80 shipments of LNG in 2012 to meet its energy demand, 60 percent more than last year, state- owned energy company Energia Argentina SA said in November.