Argentine President Cristina Fernandez announced on Monday she will ask Congress to expropriate 51 of leading energy company YPF drawing swift warnings from key trade partners and risking the country39s further. Shares of Spanish energy firm Repsol are plunging after Argentina announced a plan to nationalize the company39s.
Repsol president Antonio Brufau speaks during a news conference in Madrid Tuesday April 17 2012.
MADRID AP Shares of Spanish energy firm Repsol fell sharply Tuesday after Argentina unveiled plans to nationalize the company39s extensive Argentine o. Worse it seems that the state may be nationalizing only Repsol39s shares.
Buenos Aires39 leftist government is taking control of YPF the oil and gas company 57 percent owned by Repsol of Spain. Argentina39s naked power play.
Repsol president Antonio Brufau told reporters Tuesday that the company will fight Fernandez39 nationalization plan and she quotcarried out an unlawful act and made unlawful charges after a campaign aimed at knocking down.
The head of oil giant Repsol urged Argentina39s government Sunday to sit down and talk after reports that Buenos Aires planned to seize control of YPF.
Repsol began its drilling campaign off the Cuban coast in February despite calls from some lawmakers in the United States to bleed the Spanish energy company dry.
BUENOS AIRES Reuters Argentine President Cristina Fernandez unveiled plans today to seize control of leading energy company YPF drawing swift warnings.
Market Extra Repsol shares dive after Argentina39s YPF move. Repsol vowed to fight the move by Argentina39s government to take over its local unit while seeking to reassure investors that Spain39s flagship oil firm remains on solid footing.
Repsol Vows to Fight YPF Takeover.