posted on Apr, 16 2012 @ 10:50 PM
Argentina to renationalise oil group
Last updated: April 16, 2012 6:40 pm --- FT.com
Argentina is a South American Nation.
They have been playing footsie with the U.K. over the Falkland Islands and now they are going after Spain !!
The oil company Repsol YPF is going to be "nationalized" by Argentina who will seize 51% ownership by way of a bill to congress.
That 51% has a market value of around $5 billion.
Argentina’s president Cristina (Kirchner) Fernández says Repsol YPF has failed to keep up with the times.
Spain is upset. This could have gigantic impacts on the EU financial crisis.
Argentina is to renationalise YPF, its biggest oil company, ousting the Spanish group Repsol as majority shareholder and prompting a furious row
In a move likely to have significant investor and diplomatic fallout, Cristina Fernández, Argentina’s president, sent a bill to Congress on Monday
to put 51 per cent of YPF in state hands.
Spain vows 'forceful' response to Argentine oil move
16 April 2012 - 23H22 --- France24
AFP - Spain denounced the "hostile" decision by Argentina to nationalise Spanish-owned oil company YPF, a subsidiary of Repsol, and warned Monday
that it would take "clear and forceful measures" in response.
Argentina's decision had "broken the climate of friendship" between the two countries, Foreign Minister Jose Manuel Garcia Margallo told journalists,
speaking after a crisis cabinet meeting called by Prime Minister Mariano Rajoy.
The government strongly "condemns... the decision to expropriate" a controlling stake in the Repsol subsidiary, he added.
Will this lower oil prices for Argentina ?
Possible WAR ??
edit on Apr-16-2012 by xuenchen because: (no reason given)