Argentine Congress approves YPF takeover

04 May 2012 17:02  [Source: ICIS news]

BUENOS AIRES (ICIS)--The Argentina House of Representatives on late Thursday approved a measure allowing the government to take control of energy company YPF from Spain’s Repsol.

The bill was sought by Argentine President Cristina Fernandez. The government announced plans last month to expropriate 51% of the shares of YPF, saying the company had not done enough to develop the country’s energy resources.

http://www.icis.comThe House approved the bill by a vote of 207 to 32, with six abstaining. The Senate approved the bill last week.

The only remaining step for the bill to become law is its publication in the National Official Bulletin.

The House vote followed two days of discussion. More than 200 legislators were scheduled to speak.

Representative Maria Eugenia Bernal of the Frente para la Victoria (FPV) political party said YPF was of “symbolic value for all Argentineans”.

Rosana Bertone, head of the House’s energy and fuels committee and also a member of FPV, said that the “expropriation finds its roots within the Constitution” and that she expected Spain’s Repsol to be paid a fair price for its shares of YPF.

Repsol strongly opposes the takeover.

While most of the members of the Peronismo Disidente political party voted in favour of the bill, party member Eduardo Amadeo argued the project "does not guarantee the oil supply and does not explain how the investment for exploration will be financed”.

By: Staff Reporter
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