Repsol defiant after learning of YPF fate ‘on TV’17 April 2012
There was shock, anger and defiance after Argentine President Cristina Fernandez de Kirchner wrested control of the country’s largest oil and gas producer, YPF, from Spanish giant Repsol-YPF on Monday night. Analysts described the expropriation of over half of YPF’s shares as a “watershed” moment, and questioned the legality, motives and logic behind the move.
Standing in front of an image of Eva Perón, Kirchner said in a national television address that a bill will be shortly presented to the country’s Senate, allowing her government to expropriate 51% of YPF shares from Repsol’s 57.4% stake. The president described the move as "the recovery of sovereignty", rather than "a model of statism", adding that Argentina was “the only country in Latin America, and I would say in practically the entire world, that doesn't manage its own natural resources".
You must be a subscriber to read this content
Already a subscriber?
If you already have a subscription, sign in to continue reading this article.Sign in
Not a subscriber?
To access our premium content, you or your organisation must have a paid subscription. Sign up for free trial access to demo this service. Alternatively, please call +44 (0)20 3004 6203 and one of our representatives would be happy to walk you through the service.Sign up