Skip to comments.Argentina's Congress votes for YPF nationalisation
Posted on 05/04/2012 4:02:16 PM PDT by bruinbirdman
Argentina has approved the expropriation of YPF, the countrys biggest oil company, from Spanish energy giant Repsol amid scenes of raucous jubilation inside and outside Congress.
Following two days of debate, the Chamber of Deputies passed the nationalisation bill with a majority of 208 votes 81 per cent of the house after the Senate had paved the way for approval last week by also voting in favour. In both houses, the bill was backed by the overwhelming majority of opposition parties.
Cristina Kirchner, the Argentine president, who had announced her decision to nationalise a little more than two weeks ago, will tonight declare the immediate enactment of the law, which expropriates 51 per cent of Repsols shares in the company.
Tens of thousands of militants gathered outside Congress to celebrate the repatriation of YPF, which had been privatised in 1992, letting off fireworks as vice-president Amado Boudou danced and chanted in front of the crowds.
Hundreds were also allowed inside the chamber. Together with politicians, the majority of whom wore YPF badges, they sang in support of Mrs Kirchner and draped a giant banner of Néstor Kirchner, her late husband and predecessor who led Argentina away from its neoliberal model of the 1990s from the upper balconies of the chamber.
In a final, passionate address, Agustín Rossi, who leads Mrs Kirchners Front for Victory block in the chamber, said the Argentine government does not fear the power of corporations, insisting that the repatriation of YPF will reverse Respols alleged lack of investment in energy production and
(Excerpt) Read more at telegraph.co.uk ...
How soon will the lights start going out in Argentina?
Post office will run oil company??
Gooood luck and bye bye! See you in gas rationing lines!
The country is economically falling apart already, the socialists don’t give a crap about the day to day life of real people.
...billions of dollars are required to develop Argentinas prospects including at least 25bn a year over the next decade to exploit the Vaca Muerta shale discovery made last year.
Julio De Vido, Argentinas Planning Minister has already approached Brazil's state-run oil company Pertobras over investment in YPF and plans to contact other foreign oil companies including Exxon, Chevron and ConocoPhilips.
The development comes amid yet more rhetoric from Argentina as government sources insisted the offer of compensation would be zero pesos.
They want companies to invest billions when they have just stolen $10 billion from the last company to invest.
And they roughed up the Spanish employees, just to make their point I suppose.
Meanwhile, details of the aggressive tactics employed by the government of Cristina Fernandez de Kirchner towards Spanish executives at YPF during the takeover emerged in a briefing issued by Spains foreign office to all its embassies fermenting hostilities between the two countries.
Mr de Vido and Axel Kicillof, the deputy economy minister, arrived at company headquarters with armed security guards who used physical violence and threats to force Spanish YPF employees from the building giving them five minutes to collect their personal belongings, the internal memo said.
Spanish YPF executives were then hunted down for harsh interrogation and they and their families sought refuge at the home of a senior executive awaiting repatriation to Spain.
They handed the company over to one of their own, who was caught bringing in campaign money from Hugo Chavez a few years ago.
Thieves. In the end they'll find they haven't got anything. The golden goose doesn't have golden eggs, you have to invest to make them.
Note, though, that Argentina's oil is oil shale. This action may have torpedoed efforts to develop their oil shale. Maybe there is another game being played other than the obvious one. Who is going to invest in their oil shale now?
Hussein supports the Maldives (he meant to say Malvinas, what Britain calls the Falklands), so perhaps Argentina has some assurances from the Fraud.
I forgot to include the link to my post 5.
I wonder if in the end they’ll have to go to China for investment capital... what they seized may be in effect sold to China. Just wondering.
If I were the British, I would re-enforce the Falkland Islands. The Peronist fascists are getting greedy and desperate.
“Don’t make us come down there and kick your ass again.”
Today, HMS Hermes is Indian. The United Kingdom has retired its Sea Harriers (or sold them to India). It surviving Invincible Class carrier, HMS Illustrious is now a helicopter carrier with no capability to project power or defend a fleet.
The entire Royal Navy only has 13 Type 23 Frigates, 4 Type 45 Destroyers, and 2 improved Type 42 Destroyers.
One Type 45 Destroyer, HMS Dauntless protects the Falklands, along with 8 or 12 Eurofighter Typhoons. If the single destroyer and handful of tiffies don't prevent an Argentinian landing, the British cannot retake the islands without the assistance of NATO nations.
Geez the Daunless is an ugly ship. Nothing like the lines of a WWII US tin can.