Argentina moves to nationalize Spanish oil company
Linkedin

Argentina moves to nationalize Spanish oil company

Buenos Aires : Argentina | Apr 17, 2012 at 9:42 AM PDT
XX XX
Views: Pending
 
Argentina nacionalizó este lunes las empresas de Yacimientos Petrolíferos Fiscales (YPF)

Argentina again challenges global capital as the president Cristina Fernandez pushed a bill that will renationalize the country's largest oil company YPF owned by Repsol in Spain. Of course the act immediately set up an international howl of complaints including from the U.S.

Fernandez says that the move will enable Argentina to recover sovereignty over its oil resources. Many countries are content to sell their resources to the highest bidder among the internatioanal oil giants, a practice that has landed Argentina in its present difficulties. YPF does very well in Argentina and its operations there represent about a third of its profits. Given the present economic mess in Spain losing YPF will be a huge blow.

YPF has recently found large reserves of oil and natural gas. The Argentine government has complained for years about the low level of output of the company. Argentina has been forced to import over 10 billion U.S. in natural and liquid gas to address an energy shortage while it exports oil.

Fernandez said:"We are the only country in Latin America, and I would say in practically the entire world, that doesn't manage its own natural resources," . The European Commission warned Fernandez that nationalizing the company would hurt the investment climate in Argentina and that it supports Spain's position.

But Fernandez said:"This president is not going to answer any threat, is not going to respond to any sharp remark.," She was applauded by business and union leaders. Fernandez has also renationalized the main airline and a state pension fund. For much more see this article.

1 of 10
Next
Spain denounced the "hostile" decision by Argentina to nationalise Spanish-owned oil company YPF, a subsidiary of Repsol
Spain denounced the "hostile" decision by Argentina to nationalise Spanish-owned oil company YPF, a subsidiary of Repsol
northsunm32 is based in Brandon, Manitoba, Canada, and is an Anchor on Allvoices.
Report Credibility
 
  • Clear
  • Share:
  • Share
  • Clear
  • Clear
  • Clear
  • Clear
 
 
 
Advertisement
 

News Stories

 
  • Argentine leader moves to nationalize oil company

      San Diego Union-Tribune
    Fernandez said in an address to the country that the measure sent to congress on Monday is aimed at recovering the nation's sovereignty over its hydrocarbon resources. Associated Press 6:29 p.m., April 16, 2012 An Argentine flag, bottom, and a flag...
  • Repsol blasts Argentina over oil nationalization

      AP Online
    Shares of Spanish energy firm Repsol fell sharply Tuesday after Argentina unveiled plans to nationalize the company's extensive Argentine oil operations. Repsol YPF SA president Antonio Brufau told reporters that company will mount a...
  • YPF nationalization: poor Repsol, poor Argentina

      The Globe & Mail
    Readers can decide for themselves whether Argentina is run by a populist lunatic seemingly determined that her people do not participate in an economic golden age for Latin America. What is certain is that the nationalization of YPF by the government...
  • Argentine leader moves to nationalize oil company

      Associated Press
    In a bold move to gain control of Argentina's energy reserves, President Cristina Fernandez pushed forward a bill to renationalize the country's largest oil company on Monday despite fierce criticism from abroad and the risk of a major rift with...
  • Argentina to seize control of oil company

      Al Jazeera
    32 Argentine President Cristina Fernandez de Kirchner has unveiled plans to seize control of the country's biggest oil company YPF, owned by Spain's Repsol, provoking an angry response from Madrid. The move, announced on Monday, drew swift warnings...
  • Spain Vows Action as Argentina Moves to Seize Oil Producer YPF

      International Business Times
    Argentine president Cristina Fernandez de Kirchner wants to nationalise its biggest company, the oil firm YBF, which is majority owned Spain's Repsol (Reuters) Repsol shares continue to slide Tuesday as the Spanish oil company looks set to lose its...

Blogs

 >

Images

 >
 

More From Allvoices

Report Your News Got a similar story?
Add it to the network!

Or add related content to this report



Use of this site is governed by our Terms of Use Agreement and Privacy Policy.

© Allvoices, Inc. 2008-2014. All rights reserved. Powered by PulsePoint.