Argentina to renationalise oil group

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 with Madrid.

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 ??

This is awesome. Its the way of the future.

Corporatists across the world must be shaking with fear.

Nationalize everything!

Mayby spain could start re conquering again. If they do i would have to tell the argentinian president she is a fool for provoking Spain like that. Although it was never in question that they were the smartes ones on the block at international diplomacy.

This is one of the reasons that Fox news is always talking about Argentina and Iran in a bad light; they don't get the money..boo hoo..

Nationalization is the only way that a country can lower their oil costs. Once oil sees the light of day it belongs to whoever sucked it up. And that whoever is going to sell every last drop on the open market.

You can't support drill here drill now with out the distaff side of who owns the stuff. I guess it is easier to chant decrying socialism with out really understanding what socialism is all about.