An Argentine judge reversed a ruling banning the purchase of liquid natural gas (LNG) from Spain's Gas Natural Fenosa (GNF) after Argentina's consumers' union admitted the country needed the fuel. The ban was imposed by a federal judge last month while a lawsuit filed by the consumer group made its way through the courts. Argentina's state-run energy company YPF had said it would continue to purchase LNG from GNF, its top supplier, despite the ban.In its lawsuit, the consumers' union alleged a conflict of interest in the purchases. Another Spanish firm, Repsol , owns a 30 percent stake in GNF and also holds a stake in YPF, which brokers the fuel purchases on behalf of fellow state-run energy company Enarsa."We asked for the injunction to be lifted, but the lawsuit continues," the consumers' union president, Fernando Blanco, told Reuters on Thursday. "We don't want to stand in the way of public opinion, and there is no gas in Argentina."Fuel imports have been growing in Argentina due to a persistent fall in local production and an increase in demand, especially for gas.
Gas Natural Inc., is a natural gas company, primarily operating local distribution companies in six states and serving approximately 70,000 customers. Shares of EGAS remained unchanged at $9.68. In the past year, the shares have traded as low as $8.87 and as high as $10.84. On average, 35235 shares of EGAS exchange hands on a given day and today's volume is recorded at 0.
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