Argentine president plans to nationalize oil co. - WAOW - Newsline 9, Wausau News, Weather, Sports

Argentine president plans to nationalize oil co.

Posted:
BUENOS AIRES, Argentina (AP) -

Argentine President Cristina Fernandez says she is proposing a bill to nationalize the YPF oil company that is controlled by Spain's Repsol.

She says 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.

It says that the shares being expropriated will be split between the national and provincial governments.

Spanish officials have already protested the plan, saying Argentina risks becoming "an international pariah" if it takes control of Repsol's YPF subsidiary.

YPF represents 42 percent of Repsol's total reserves, estimated at 2.1 billion barrels of crude.

(Copyright 2012 by The Associated Press. All Rights Reserved.)

Powered by Frankly