Argentina's Senate approves bill to expropriate YPF
Argentina’s Senate voted in approval of Argentina President Cristina Fernandez de Kirchner's bill to expropriate YPF SA, and the Lower House of Congress is expected to vote on the measure next week. YPF was a state-run company until it was privatized in 1999.
Kirchner asked Congress to renationalize YPF by expropriating 51% of it from Repsol YPF SA, which holds 57% of the company. She has said YPF underinvested in exploration and production, forcing Argentina to become a net energy importer.
Repsol has vowed to take legal action, saying YPF invested about $3 billion in 2011 and that the company was the biggest investor in Argentina’s oil and gas industry.
“The unlawful expropriation of YPF does not affect the growth capacity of any of Repsol’s businesses outside Argentina,” Repsol said (OGJ Online, Apr. 17, 2012).
The Argentina Senate voted 63-3 in favor of expropriating YPF with 4 members abstaining from the vote.
Paula Dittrick | Senior Staff Writer
Paula Dittrick has covered oil and gas from Houston for more than 20 years. Starting in May 2007, she developed a health, safety, and environment beat for Oil & Gas Journal. Dittrick is familiar with the industry’s financial aspects. She also monitors issues associated with carbon sequestration and renewable energy.
Dittrick joined OGJ in February 2001. Previously, she worked for Dow Jones and United Press International. She began writing about oil and gas as UPI’s West Texas bureau chief during the 1980s. She earned a Bachelor’s of Science degree in journalism from the University of Nebraska in 1974.
