Investment Chart Kondratiev Wave

Investment Chart Kondratiev Wave

Friday, 20 April 2012

Coming nationalisation of YPF shows risks of Emerging Markets again: list of 10 biggest nationalisations of commodity producers after 1950

In Argentina Kirchner thought it could come in handy to nationalise YPF (what is in the name; it means Oil Fields of the State) before entering oil fields before the coast, to take it from Repsol, a not outperforming energy producer this year. Cartoonist saw a chance with their picture where Rajoy takes Messi in return for YPF.

The FT had a few days ago a list of big nationalisations of oil companies/ commodity producers after WWII:

1. Mexico nationalised all oil companies. Salinas feared that the CIA wanted a coupe against him and his party. Pemex was created and the second rate technology since then is one of the reasons that the Mexican oil production is falling so much and so litlle new fields are developed.

2. Iran that under Mossadeq in 1951 took Anglo Iranian (now BP)

3. Codelco, the biggest copper mine in the world, nationalised by Allende in 1973. As favour in return the CIA abdicated him and mad Pinochet president of Chili, by the way he did not give back Codelco.

4. Libiƫ thought in 1971 that BP must get rid of the Sarir field. Several other countries in the region thought that a splendid idea, especially in 1972 Saddam Hoessein and also Aramco had the same idea but nationalised a bit more pretty.

5. Fidel Castro took all American sugar plantations/ refineries etc. in 1959. Until now the CIA did not manage to kill Fidel as return favour.

6. In 2007 Chavez wanted the Orinoco fields of Exxon Moblie and Conoco Philips

7. Yukos was given by Putin to Rosneft because of unfavourable political. Yukos claimed $100B damage.[ not mentioned: Royal Dutch Shell that had to give its share in the Sachalin fields to Russia]

8. Evo Morales was a man of his word and nationalised the oil and gas inteersts when he rose to power after 2006.

9. Ecuador took the possessions of Occidental, with a value of only ca $ 1B

10. In 1956 Nasser took the Suez canal in ‘Operation Dignity and Glory’

Well that are enough examples that investing in Emerging Markets is not without risk.

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