Argentina Senate approves bill to expropriate YPF shares

26 April 2012 16:57  [Source: ICIS news]

BUENOS AIRES (ICIS)--The Argentine Senate on Thursday approved a bill sent by President Cristina Fernandez to expropriate 51% of Repsol’s shares oil company YPF.

The bill also includes natural gas producer YPF Gas.

The bill was passed after 14 hours of debate that began on Wednesday.

The bill was approved with 63 votes. Three senators opposed it and four abstained.

Senate members of The Frente para la Victoria party posted 38 votes in favour of the bill and the Union Civica Radical posted another 15. Three votes were from the Frente Amplio Progresista and two from the Peronismo Federal.

The bill has already been passed on to the Argentine House for revision.

House committees were scheduled to take up the bill on Thursday and it could go to a full House vote by next week.

The Argentina government moved to take control of YPF after complaining it had not worked hard enough to develop new energy resources.

By Paula Krizanovic

By: Staff Reporter
+44 20 8652 3214

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