Argentina to nationalise Spain oil company
Argentina to nationalise Spain oil company
April 17, 2012 - 3:44AM
Argentine President Cristina Fernandez has proposed a bill to nationalise the YPF oil company that is controlled by Spain's Repsol, moving ahead with the plan despite fierce opposition from Madrid.
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. She said the shares being expropriated will be split between the national and provincial governments.
The president complained that Argentina last year had to spend more than $US3 billion ($A2.91 billion) to important gas and petroleum.
Spanish officials have already protested the plan, saying Argentina risks becoming "an international pariah" if it takes control of Repsol's YPF subsidiary.
More:
http://news.theage.com.au/breaking-news-world/argentina-to-nationalise-spain-oil-company-20120417-1x465.html
