RDSB.L - Royal Dutch Shell plc

LSE - LSE Delayed price. Currency in GBp
2,242.50
-8.00 (-0.36%)
As of 1:26PM GMT. Market open.
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Previous close2,250.50
Open2,225.00
Bid2,242.00 x 0
Ask2,242.50 x 0
Day's range2,212.00 - 2,251.00
52-week range8.89 - 2,647.00
Volume2,644,461
Avg. volume5,523,946
Market cap178.85B
Beta (3Y monthly)0.80
PE ratio (TTM)8.93
EPS (TTM)251.10
Earnings dateN/A
Forward dividend & yield1.46 (6.41%)
Ex-dividend date2019-11-14
1y target est36.11
  • Reuters - UK Focus

    U.S.-based McDermott says its participation in Russian petrochemical project is legal

    U.S. oil services company McDermott International said on Thursday that its participation in a huge petrochemical project in Russia, announced this week, was in full compliance with the law and did not breach international sanctions against Moscow. Royal Dutch Shell pulled out of the same Baltic Coast project in April, saying Russian gas giant Gazprom had changed its final concept for the project which initially had been designed to produce only liquefied natural gas.

  • Oilprice.com

    Can Iraq Become A World Class Petrochemicals Player?

    Given its tremendous oil and gas reserves, Iraq could become a mayor petrochemicals player, but corruption and competition and geopolitical instability have proven to be major stumbling blocks

  • 2 FTSE 100 dividend shares I think you should consider buying for 2020
    Fool.co.uk

    2 FTSE 100 dividend shares I think you should consider buying for 2020

    The right dividend stocks provide stable income. Michael Taylor looks at two low-risk shares.

  • Reuters - UK Focus

    UPDATE 1-Nigeria's ex-attorney general arrested in Dubai over $1.3 bln oil deal

    Nigeria's former attorney general Mohammed Adoke has been arrested in Dubai, his lawyer said, seven months after Nigeria's anti-graft agency issued a warrant for his arrest as part of an investigation into one of the oil industry's biggest suspected corruption scandals. Adoke's lawyer, Mike Ozekhome, said Adoke was arrested by Interpol on Monday 11 Nov., after travelling to Dubai for a medical appointment. The investigation by Nigeria's anti-graft agency relates to the $1.3 billion sale of a Nigerian offshore oilfield known as OPL 245 by Malabu Oil and Gas in 2011.

  • Shell UK gender pay gap widens slightly in 2019
    Reuters

    Shell UK gender pay gap widens slightly in 2019

    Royal Dutch Shell's gender pay gap in Britain edged higher in 2019 following the acquisition of a utility company, with women earning on average 18.7% less than men. This year's figure, which compares to 18.6% in 2018, comes after Shell UK incorporated around 1,000 employees from First Utility which it had acquired in March, Shell said in a report. Excluding First Utility, which was re-branded Shell Energy, the pay gap would have narrowed to 15.1%.

  • Aramco’s IPO Becomes a Saudi Affair as London Roadshow Scrapped
    Bloomberg

    Aramco’s IPO Becomes a Saudi Affair as London Roadshow Scrapped

    (Bloomberg) -- Saudi Aramco set a valuation target for its initial public offering well below Crown Prince Mohammed bin Salman’s goal of $2 trillion and pared back the size of the sale after the government decided to make the deal an almost exclusively Saudi affair.The initial public offering will now rely on local investors after most international money managers balked at even the reduced price target. The deal won’t be marketed in the U.S., Canada or Japan and on Monday bankers told investors roadshow events in London and other European cities, planned for this week, were canceled.Aramco will sell just 1.5% of its shares on the local stock exchange, about half the amount that had been considered, and seek a valuation of between $1.6 trillion and $1.71 trillion. As well as slimming down the deal, the Saudi authorities relaxed lending limits to ensure sufficient local demand to get the share sale done.While the new valuation means Aramco will overtake Apple Inc. as the world’s biggest public company by some distance, the plans are a long way from Prince Mohammed’s initial aims: a local and international listing to raise as much as $100 billion for the kingdom’s sovereign wealth fund.At the lower end of the price range, the offer would fall short of a record, coming in just below the $25 billion raised by Alibaba Group Holding Ltd. in 2014.Aramco Chief Executive Officer Amin Nasser kicked off the IPO’s final phase at a presentation for hundreds of local fund managers in Riyadh on Sunday.This is “a historic day for Saudi Aramco,” Nasser said. “We are excited about the transition to being a listed company.”With the offer price putting Aramco’s maximum valuation at about $1.7 trillion, there should be room for investors to make some money, said one local investor, who like all the people attending asked not to be identified.Aramco will need to lean heavily on local investors, large and small, to get the job done. The Saudi Arabian Monetary Authority will allow smaller retail investors to borrow twice their cash investment, double the normal leverage limits the regulator allows for IPOs, according to people familiar with matter.The kingdom’s richest families, some of whom had members detained in Riyadh’s Ritz-Carlton hotel during a so-called corruption crackdown in 2017, are expected to make significant contributions to the IPO.Cornerstone InvestorsThe final version of the prospectus didn’t identify any cornerstone investors, though the company is still in talks with Middle Eastern, Chinese and Russian funds.Foreign investors had always been skeptical of the $2 trillion target and recently suggested they would be interested at a valuation below $1.5 trillion. That would offer a return on their investment close to other leading oil and gas companies like Exxon Mobil Corp. and Royal Dutch Shell Plc.The new valuation implies Aramco, which has promised a dividend of at least $75 billion next year, will reward investors with a yield of between 4.4% and 4.7%. That compares with just under 5% for Exxon Mobil and 6.4% for Shell.“Institutional investors are unlikely to find this valuation range attractive,” analysts at Sanford C. Bernstein said in a research note Sunday, adding that the price range implies a premium to Western oil majors on most metrics, including price-to-earnings and free cash flow yield. “Cornerstone investors, sovereign wealth funds and local investors could still provide enough support to support the IPO given some of the strategic interests.”Saudi Arabia has been pulling out all the stops to ensure the IPO is a success to a skeptical audience. It cut the tax rate for Aramco three times, promised the world’s largest dividend and offered bonus shares for retail investors who keep hold of the stock.“Aramco’s price range takes into account some uncertainties that weren’t fully absorbed when the IPO was first floated,” such as governance, said Jaafar Altaie, managing director of Abu Dhabi-based consultant Manaar Group. “The lower range reflects uncertainties. It takes into account issues of supply that are very fluid, and demand that doesn’t look so good now.”Aramco has also faced the challenge of the strengthening global movement against climate change that’s targeted the world’s largest oil and gas companies. Many foreign investors are concerned the shift away from the internal combustion engine -- a technology that drove a century of steadily rising fossil fuel demand -- means consumption of oil will peak in the next two decades.Speaking in Riyadh on Sunday, Nasser acknowledged the prospect of peak demand, but argued that with the lowest production costs in the industry, Aramco would be able to win market share from less-efficient producers.The IPO is a pillar of Prince Mohammed’s much-hyped Vision 2030 plan to change the social and economic fabric of the kingdom and attract foreign investment. The prince, who rules Saudi Arabia day-to-day, is trying to recover his reformist credentials after his global reputation was damaged by the 2018 assassination of government critic Jamal Khashoggi in the kingdom’s Istanbul consulate.Proceeds from the IPO will be transferred to the Public Investment Fund, which has been making a number of bold investments, plowing $45 billion into SoftBank Corp.’s Vision Fund, taking a $3.5 billion stake in Uber Technologies Inc. and planning a $500 billion futuristic city.No matter what the final valuation, the share sale will create a public company of unmatched profitability. Aramco earned a net income of $111 billion in 2018 on revenue of $315 billion.\--With assistance from Nayla Razzouk, Abbas Al Lawati, Filipe Pacheco, Archana Narayanan, Dinesh Nair, Ramsey Al-Rikabi, Jack Farchy and Swetha Gopinath.To contact the reporters on this story: Matthew Martin in Dubai at mmartin128@bloomberg.net;Javier Blas in London at jblas3@bloomberg.netTo contact the editors responsible for this story: Nayla Razzouk at nrazzouk2@bloomberg.net, ;Stefania Bianchi at sbianchi10@bloomberg.net, Bruce StanleyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • The 5 Most Promising Foreign Oil Stocks
    Oilprice.com

    The 5 Most Promising Foreign Oil Stocks

    Foreign oil stocks seem to be weathering the current environment better than US drillers, and some of them have managed to significantly raise profits over the last few quarters

  • Aramco Sets Its Price and Defines Its Limits
    Bloomberg

    Aramco Sets Its Price and Defines Its Limits

    (Bloomberg Opinion) -- Saudi Arabia has accepted the reality that the initial public offering of its state oil company, Saudi Arabian Oil Co., won’t generate a trillion-dollar valuation beginning with “2.” Moreover, there is tacit acknowledgement that investors outside the kingdom think Aramco is worth even less than the $1.6 trillion to $1.7 trillion now sought. The transaction is going to fall short of its original ambitions, both strategic and financial.The $100 billion gulf in the valuation range announced Sunday represents a 6% spread over the midpoint. This is tight for an IPO. Usually, when bankers set very narrow price ranges, it's because they think the shares will sell easily at a higher price and, therefore, perform strongly once listed. That assumption faces a severe test.For overseas investors, it appears $1.5 trillion was their limit. Saudi Arabia may feel the company is worth more, and not want to give it away at what it thinks is too cut-rate a price to outsiders. But that is the reality of any IPO: A company is sold a bit cheaply, in return for the owner monetizing a stake and obtaining a liquid currency.In any event, much of that conversation has now ended, with Aramco’s shares no longer marketed actively in North America. Hotels in Boston and New York should brace for a spate of cancellations. Sure, other international investors may yet be treated to the pitch, and qualifying overseas funds can still proactively buy in, or purchase the shares once listed. But the hurdles deterring them remain.While Aramco generates more profit than any other company in the world, it is also the biggest producer of hydrocarbons, a sector from which investors have been running away. It is also impossible to treat the investment decision to buy Aramco as somehow unaffected by the fact that it’s controlled by the repressive Saudi regime. And, as with most national oil companies, there is a tension between market demands and political imperatives, with the latter usually winning. It is hard to see Aramco as being able to make big moves that aren’t in step with the wishes of the kingdom.Meanwhile, Aramco offers a dividend yield below that of western oil majors like Exxon Mobil Corp. and Royal Dutch Shell Plc. True, those companies don’t have Aramco’s supercharged profitability. On the other hand, they don’t have to fund a country with their earnings.The shortage of international interest means local demand, and passive buying by index funds, will have to do the heavy lifting. A retail offering of 0.5% with a further 1% institutional float must meet a total offer size of roughly $25 billion. That is a lot of orders to find. The free-float of Saudi Arabia’s local exchange, the Tadawul, is only $260 billion — less than Exxon’s market cap.We are a long way from where this all started almost four years ago. The headline then was a possible $100 billion issue, comprising 5% of the company at a $2 trillion valuation endorsed by the world’s biggest fund managers. Now, selling about 1.5% for $25 billion at home, the risk is that the shares end up being highly illiquid once listed. They have been marketed almost like bonds, with guaranteed dividends and bonus shares for retail investors who hold on for six months. This may dampen selling pressure, but could lead fresh investors to sit tight until it’s clear where the price and volumes are settling.Having failed to live up to the hype, it may have been embarrassing to pull Aramco’s debut. But a mainly Saudi transaction doesn’t help establish Aramco’s independent commercial identity. And if simply harvesting cash for Saudi’s sovereign wealth fund was the primary objective, cutting the price and finding more buyers would probably raise a bigger sum.To contact the authors of this story: Chris Hughes at chughes89@bloomberg.netLiam Denning at ldenning1@bloomberg.netTo contact the editor responsible for this story: Beth Williams at bewilliams@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Chris Hughes is a Bloomberg Opinion columnist covering deals. He previously worked for Reuters Breakingviews, as well as the Financial Times and the Independent newspaper.Liam Denning is a Bloomberg Opinion columnist covering energy, mining and commodities. He previously was editor of the Wall Street Journal's Heard on the Street column and wrote for the Financial Times' Lex column. He was also an investment banker.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.

  • Oil Close to Two-Month High as Trade War Positivity Hits Markets
    Bloomberg

    Oil Close to Two-Month High as Trade War Positivity Hits Markets

    (Bloomberg) -- Oil climbed to the highest in nearly two months amid optimism that the U.S. and China are close to locking down a partial trade deal.Futures jumped 1.7% on Friday in New York, pushing a weekly advance to 0.8% after White House economic adviser Larry Kudlow said late Thursday negotiations between the two countries were coming down to the final stages. That outweighed U.S. government data earlier this week that showed an expansion in crude stockpiles and oil production at record-high levels.“The most important factor is economic growth and demand growth and the trade talks are going to be the indicator for expectations about how that’s going to play out,” said Gene McGillian, senior analyst and broker for Tradition Energy Group in Stamford, Connecticut. “We’ve seen optimism surrounding the trade deal bring some length into the market.”Still, U.S. crude is down about 13% since late April. The Organization of Petroleum Exporting Countries has indicated it won’t cut output deeper to stave off the impending surplus and predicts worldwide supplies will exceed demand by about 645,000 barrels a day in the first half of next year. Meanwhile, the International Energy Agency said soaring production outside OPEC and high inventories will keep consumers comfortably supplied next year.West Texas Intermediate for December delivery gained 95 cents to settle at $57.72 a barrel on the New York Mercantile Exchange.Brent for January settlement rose $1.02 to end the session at $63.30 a barrel on the London-based ICE Futures Europe Exchange. The global benchmark crude traded at a $5.47 premium to WTI for the same month.Also see: Russia Is Making More Money From OPEC+ Deal Than Saudi ArabiaU.S. crude output increased by 200,000 barrels a day to 12.8 million a day last week, according to Energy Information Administration data on Thursday. While nationwide crude inventories rose, stockpiles at the key storage hub at Cushing, Oklahoma, declined for the first time in six weeks.To contact the reporter on this story: Jacquelyn Melinek in New York at jmelinek@bloomberg.netTo contact the editors responsible for this story: David Marino at dmarino4@bloomberg.net, Jessica Summers, Christine BuurmaFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Bloomberg

    Shell Traders Post $1 Billion Profit in Fuel Oil Market

    (Bloomberg) -- Royal Dutch Shell Plc has made $1 billion from trading fuel oil this year, making it one of the standout winners from rules designed to make the shipping industry greener.Shell said last month that it made substantial money in fuel-oil trading in the third quarter, but the company didn’t disclose the size of the profits. Shell traders celebrated hitting the $1 billion mark so far, likely the biggest by any one company in fuel oil this year, by ringing a bell on the company’s trading floor in London earlier this month, people familiar with the matter said.Shell declined to comment.The fuel-oil market has been shaken this year by the so-called IMO 2020 new regulations that ban the use of high-sulfur fuel oil, known as HSFO, to power ships. The rules are aimed at combating human health conditions such as asthma and environmental damage including acid rain. Prices are collapsing because the global shipping fleet, which burns more than 3% of the world’s oil, will instead have to consume very low sulfur fuel-oil, or VLSFO.Although better known for its oil fields, refineries and pump stations, Shell runs an in-house trading business that’s larger than the better-known independent oil traders like Vitol Group, Glencore Plc and Trafigura Group, handling 13 million barrels of oil equivalent per day. The company describes itself as “one of the largest and most experienced energy merchants in the world” with major trading floors in Houston, London, Dubai, Rotterdam and Singapore.Europe’s largest oil company told investors that its downstream business, which includes refining, oil trading and fuel stations, benefited during the third quarter from “stronger contributions from oil-products trading and optimization, mainly fuel oil.” In a conference call with analysts, Jessica Uhl, Shell’s head of finance, said the company’s traders benefited from “the change in the fuel standards” linked to IMO 2020, the name by which the ship-fuel rules are widely known.It’s unclear exactly how Shell’s traders made their profit, but premiums for fuel that’s lower in sulfur have surged this year, potentially benefiting those companies that produce more of the product. Shell’s refining system is a relatively sophisticated one, something that could put the company in a better position as the regulations enter into force. The margin to produce high-sulfur fuel oil in Europe recently slumped to a more than 10-year low, according to the International Energy Agency.The new shipping rules allow traders to produce blended fuels, including mixing so-called low sulfur fuel-oil, or LSFO, mainly used in power stations that burn the fuel to produce electricity, with diesel to produce VLSFO. The spread between high and low sulfur fuel-oil blew up to almost $30 a barrel in late October, compared with an average of about $2 a barrel in 2018, according to the International Energy Agency.\--With assistance from Jack Wittels.To contact the reporters on this story: Javier Blas in Dubai at jblas3@bloomberg.net;Alaric Nightingale in London at anightingal1@bloomberg.netTo contact the editors responsible for this story: Will Kennedy at wkennedy3@bloomberg.net, Alaric Nightingale, John DeaneFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Reuters - UK Focus

    UPDATE 1-Shell appoints Citi for $1 bln sale of Egypt assets -sources

    * Western Desert sale process to launch end of Nov. LONDON, Nov 15 (Reuters) - Royal Dutch Shell has appointed investment bank Citi to run the sale of its onshore Egyptian oil and gas assets which could fetch around $1 billion, sources close to the process said. The sale process is expected to be officially launched at the end of November, the sources said.

  • Shell appoints Citi for $1 billion sale of Egypt assets - sources
    Reuters

    Shell appoints Citi for $1 billion sale of Egypt assets - sources

    Royal Dutch Shell has appointed investment bank Citi to run the sale of its onshore Egyptian oil and gas assets which could fetch around $1 billion (£781.5 million), sources close to the process said. Shell said last month it plans to sell its onshore upstream assets in the Western Desert to focus on expanding its Egyptian offshore gas exploration. The Western Desert portfolio includes stakes in 19 oil and gas leases of which Shell's working interest included production of around 100,000 barrels of oil equivalent per day last year, one of the sources said.

  • Reuters - UK Focus

    UPDATE 2-Politics drives domestic shares higher; FTSE cheers trade signs

    London's mid-cap index outperformed its European counterparts on Friday after the Brexit Party lent further clarity ahead of the Dec. 12 election, while hopes that a U.S.-China may be imminent helped the FTSE 100 eke out gains. The FTSE 250 advanced 0.9% as domestically-focused stocks rose after Nigel Farage's party stood down from more seats not held by the Conservative Party, which could help Tories gain a majority in the upcoming election.

  • Bloomberg

    Shell Says It’s the Oil Major Staying in Canada as Many Flee

    (Bloomberg) -- Royal Dutch Shell Plc is reassuring investors, workers, and anyone else who will listen that it’s the international oil major that’s staying in Canada as others pull up stakes.Shell’s future in the country is largely as a natural gas producer and exporter focused on the $30 billion LNG Canada project, though the company is also committed to its local chemicals and retail businesses, Shell Canada head Michael Crothers said in an interview.A number of large multinational energy companies have either left or reduced their presence in the country in recent years, including Norway’s Equinor ASA, France’s Total SA and ConocoPhillips. Independent explorers like Devon Energy Corp., Apache Corp. and Marathon Oil Corp., as well as pipeline giant Kinder Morgan Inc., have gotten in on the act, too. Even Encana Corp., a Canadian company born out of the nation’s 19th-century railway boom, said last month that it’s moving to the U.S. and dropping the link to its home country from its name.Shell stoked some concern that it would be among the pack leaving when it sold most of its stake in the Athabasca Oil Sands Project to Canadian Natural Resources Ltd. for about $8.2 billion in 2017. The company went a long way toward allaying those fears when LNG Canada announced it would build a massive export facility on British Columbia’s Pacific Coast that’s slated to operate for decades to come.“We’re the multinational that’s staying,” Crothers, 57, said from Shell Canada’s headquarters in Calgary. “We’re the multinational that’s investing. We see enormous opportunity here because of the resource base we have and the excellent people we have.”Shell has been in Canada for more than 100 years, evolving from a broad-based, integrated oil company -- at one point even mining coal -- into an oil-sands focused producer and now into a focus on gas, said Crothers, whose full title is president and country chair of Shell Canada.Aside from the liquefied natural gas project -- of which it owns 40% -- and the Groundbirch gas production complex in British Columbia that will partly supply it, Shell has some light oil production, the Scotford refinery, two chemicals plants and a carbon capture facility in Alberta, plus the Sarnia refinery and chemicals and lubricants plants in Ontario.The company sought to sell the Sarnia refinery and a chemicals plant this year as it focuses on LNG Canada, but pledged to keep operating the units if it didn’t get a good offer.Shell’s B shares were down 1.3% to 2,295 pence at 4:34 p.m. in London. They are down about 2% for the year. Shell also still owns a 10% stake in the Athabasca oil sands, which it sees as a core asset because it provides feedstock for the Scotford complex. Shell has no plans to sell that stake, Crothers said.“We need to be able to ensure that we have access to that supply, and without some kind of equity stake, we feel that would be a concern,” he said.The company has about 3,600 workers in the country and is hiring for LNG Canada, Crothers said. Other parts of the business are always facing cost pressures, keeping headcount in check, he said.Another growth area is Shell’s retail business, which is building 50 new stations a year in the country and experimenting with new services like electric-vehicle charging stations and hydrogen refueling stations for fuel-cell vehicles, he said.“We’re a big, integrated business,” Crothers said. “We’ve never left, but we keep evolving.”(Updates with sharels in ninth paragraph. A previous version corrected to say chemicals plant in eighth paragraph.)To contact the reporter on this story: Kevin Orland in Calgary at korland@bloomberg.netTo contact the editors responsible for this story: Simon Casey at scasey4@bloomberg.net, Carlos CaminadaFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Reuters - UK Focus

    UPDATE 2-FTSE 100 underperforms global peers on 3i drop, sterling gains

    London's FTSE 100 underperformed its major global peers on Thursday, suffering its steepest intra-day drop so far this month as falls in private equity company 3i, stocks trading ex-dividend and a stronger pound hammered the exporter-heavy index. The main index fell 0.8% with 3i Group hitting a five-month low after striking a cautious tone about new investment opportunities and as heavyweight components Sainsbury , Shell and GSK traded without dividend entitlement. The mid-cap FTSE 250 was 0.3% lower, with transport operator FirstGroup dropping nearly 20% on its worst day since May 2018 after a bigger first-half loss due to a charge related to its Greyhound bus line business in the U.S..

  • Reuters - UK Focus

    Philippines' Udenna says it is buying Chevron's stake in Malampaya gas project

    Philippine oil and shipping group Udenna Corp said on Wednesday it has signed a deal to acquire the 45% interest of a Chevron unit in the country's Malampaya gas-to-power project, subject to regulatory approvals. Udenna, which controls fuel retailer Phoenix Petroleum Philippines Inc and shipping and logistics firm Chelsea Logistics and Infrastructure Holdings Corp, said it has signed a sale and purchase agreement with Chevron Malampaya LLC. Phoenix, together with Chinese partner CNOOC Gas and Power and state-owned Philippine National Oil Company (PNOC), is looking to build a $2 billion liquefied natural gas hub in the Philippines.

  • Reuters - UK Focus

    UPDATE 1-Shell restarts CDU at Deer Park, Texas, from maintenance -sources

    Royal Dutch Shell Plc is finishing a planned multi-unit overhaul as it begins restarting the large crude distillation unit (CDU) at its 340,000 barrel-per-day joint-venture Deer Park, Texas, refinery on Tuesday, said sources familiar with plant operations. The 270,000 bpd DU-2 CDU was shut on Sept. 23 at the start of the multi-unit overhaul planned to last for about two months, the sources said. Shell spokesman Ray Fisher said planned work was still underway at the Deer Park refinery, which is a joint-venture between Shell and Mexico's national oil company Petroleos Mexicanos.

  • Reuters - UK Focus

    Cosan awaits new govt in Argentina to estimate impacts for subsidiary

    Brazilian energy and logistics group Cosan SA awaits a government change in Argentina to better evaluate potentially negative impacts from fuel prices freeze to its subsidiary Raízen Combustíveis, an executive said on Tuesday. Cosan is a partner of Royal Dutch Shell Plc in the JV Raízen, which suffered losses in Argentina with a $55 million inventory in the third-quarter after the Argentinian government decided to freeze prices in August, the company said. In a call with investors to discuss Cosan's third-quarter results, during which Argentina was the main topic, the head of Investors Relations Phillipe Casale said it is unclear yet how the political and macroeconomic situation will evolve after Peronist Alberto Fernández takes over the presidency.

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