Argentina to seize YPF oil firm, angering Spain

Mon, 04/16/2012 - 22:25 EDT - France24.com - Business

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Argentina said it would take over a 51 percent stake in the country's biggest oil company, YPF, owned by Spain's Repsol, provoking an angry response from Madrid.The move was announced to applause at a meeting between President Cristina Kirchner and her cabinet and Argentine governors, and came despite warnings from Madrid and EU officials.Reading a statement at the meeting, an official said YPF-Repsol "is declared a public utility and subject to expropriation of 51 percent of its assets."

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Argentina's Kirchner defies world in YPF takeover
Argentine President Cristina Kirchner's seizing control of oil firm YPF, owned by Spain's Repsol, is part of her bid to build economic growth on the back of protectionism and consumer spending, observers here say.Kirchner says that the measure was justified because YPF crude production had dropped at a time that oil and gas imports doubled in 2011 compared to 2010, and are forecast to triple by the end of the year.The government blames Repsol for failing to properly invest in YPF, which was an Argentine oil company until it was privatized in the early 1990s.
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The Argentine government’s sudden, hit-and-run expropriation of the majority foreign-owned stake in energy giant Repsol YPF SA is a response to everything from the global economic crisis and particularly how Europe has handled it to the attempt to reinvent a state that puts the public’s immediate interests first. Spain, of course, is furious. It was Repsol YPF SA’s largest investor and had recently hedged its bets on 23 billion barrels of shale oil and gas discovered in Argentina.

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Argentina to seize YPF oil firm, angering Spain

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