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Author	Topic: Argentine leader moves to nationalize oil shares	Post a Reply Back to Topics

jpgredwine Champion Author Hartford Posts:10,287 Points:1,047,405 Joined:Dec 2009	Message Posted: Apr 16, 2012 4:21:53 PM Ignore jpgredwine Report Abuse BUENOS AIRES, Argentina—President Cristina Fernandez on Monday presented a bold plan to seize control of leading oil company YPF by nationalizing the shares owned by Spain's Repsol, moving to expand the state's control over Argentina's energy reserves despite fierce criticism from abroad. In a national address, Fernandez said that under the bill sent to congress national and provincial governments would take control of the 51 percent of YPF shares owned by the Spanish company. Argentina is an oil-producing nation that this year expects to import more than $10 billion worth of gas and natural liquid gas in the face of an energy crisis, according to estimates from the hydrocarbon sector. The president complained that Argentina had a deficit of $3 billion last year ... Visit Times-Standard for full article

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Message Posted: Apr 16, 2012 4:21:53 PM

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BUENOS AIRES, Argentina—President Cristina Fernandez on Monday presented a bold plan to seize control of leading oil company YPF by nationalizing the shares owned by Spain's Repsol, moving to expand the state's control over Argentina's energy reserves despite fierce criticism from abroad.

In a national address, Fernandez said that under the bill sent to congress national and provincial governments would take control of the 51 percent of YPF shares owned by the Spanish company.

Argentina is an oil-producing nation that this year expects to import more than $10 billion worth of gas and natural liquid gas in the face of an energy crisis, according to estimates from the hydrocarbon sector. The president complained that Argentina had a deficit of $3 billion last year ...
Visit Times-Standard for full article

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jimgraham Champion Author Akron Posts:10,372 Points:1,979,960 Joined:Oct 2007	Message Posted: Apr 17, 2012 7:05:41 AM Ignore jimgraham Report Abuse Is a trade embargo in store for Argentine products? Their beef and produce sales would be hurt if we and the EU did embargo them. Somewhere around $10 billion - quadrupling their trade deficit....
MontanaMac Champion Author Washington Posts:1,736 Points:410,050 Joined:May 2011	Message Posted: Apr 16, 2012 11:58:58 PM Ignore MontanaMac Report Abuse Bad news for Argentina.
JohnofGB Champion Author Flint Posts:5,426 Points:1,097,170 Joined:Feb 2010	Message Posted: Apr 16, 2012 9:34:16 PM Ignore JohnofGB Report Abuse Obviously this boy does not want any foreign investment. No one will risk money if they stand a chance to lose it all.
JamesCalvin Champion Author Lancaster Posts:3,191 Points:519,780 Joined:Nov 2011	Message Posted: Apr 16, 2012 9:14:31 PM Ignore JamesCalvin Report Abuse Great way to dampen potential economical growth!
MidNJ Champion Author New Jersey Posts:7,559 Points:1,173,100 Joined:Sep 2009	Message Posted: Apr 16, 2012 9:02:53 PM Ignore MidNJ Report Abuse Seems to me that nationalizing the oil industry is something that Newt also wants to do. ??
davenles Champion Author Texas Posts:3,201 Points:719,635 Joined:May 2011	Message Posted: Apr 16, 2012 8:35:18 PM Ignore davenles Report Abuse I'm sure Fernandez will not benefit from this enterprise.
lesndave Champion Author Texas Posts:3,042 Points:702,130 Joined:May 2011	Message Posted: Apr 16, 2012 8:14:52 PM Ignore lesndave Report Abuse Does not sound like a good idea!!
jpgredwine Champion Author Hartford Posts:10,287 Points:1,047,405 Joined:Dec 2009	Message Posted: Apr 16, 2012 8:11:32 PM Ignore jpgredwine Report Abuse Really wonder if the USA would ever do anything like this. Put 51% of all our oil resources in a National Trust where every American would participate in earning a few pennies on each stage of oil production, exploration, drilling, refining, selling, marketing etc.
northeast2 Champion Author New York Posts:3,849 Points:1,007,200 Joined:Mar 2008	Message Posted: Apr 16, 2012 7:54:10 PM Ignore northeast2 Report Abuse Really, really bad news and really, really dumb for Argentina.
MOREDLEG Champion Author Missouri Posts:2,655 Points:611,935 Joined:May 2011	Message Posted: Apr 16, 2012 7:53:46 PM Ignore MOREDLEG Report Abuse This is gonna leave a mark...
kitty1750 Champion Author Kitchener-Waterloo Posts:2,199 Points:470,675 Joined:Jun 2011	Message Posted: Apr 16, 2012 7:45:26 PM Ignore kitty1750 Report Abuse Ok.
DerHahn Champion Author Illinois Posts:13,715 Points:2,115,110 Joined:May 2004	Message Posted: Apr 16, 2012 7:19:11 PM Ignore DerHahn Report Abuse well that makes 2 in south america. how long before the others follow?
humblepie Champion Author Toledo Posts:34,252 Points:2,372,345 Joined:Mar 2006	Message Posted: Apr 16, 2012 7:04:41 PM Ignore humblepie Report Abuse disaster waiting to happen
KMaria13 Rookie Author Raleigh Posts:60 Points:12,930 Joined:Apr 2012	Message Posted: Apr 16, 2012 6:36:45 PM Ignore KMaria13 Report Abuse Can we figure out a way to lower prices. The supply and demand is not working.
timbyus1 Champion Author Fort Worth Posts:1,968 Points:392,485 Joined:Mar 2012	Message Posted: Apr 16, 2012 6:26:29 PM Ignore timbyus1 Report Abuse read
comptonwoods Sophomore Author Virginia Posts:104 Points:277,480 Joined:Apr 2011	Message Posted: Apr 16, 2012 6:21:36 PM Ignore comptonwoods Report Abuse And then they wiill take the company public and resell the shares-instant deficit cure.
RRBC Champion Author Victoria Posts:2,710 Points:530,040 Joined:Oct 2011	Message Posted: Apr 16, 2012 5:56:06 PM Ignore RRBC Report Abuse Oil still there at least
wharvey1125 Rookie Author Tampa Posts:10 Points:2,310 Joined:Mar 2012	Message Posted: Apr 16, 2012 5:35:15 PM Ignore wharvey1125 Report Abuse damn haha big oil.
graceman Champion Author Baltimore Posts:4,968 Points:1,158,725 Joined:Jun 2008	Message Posted: Apr 16, 2012 5:00:10 PM Ignore graceman Report Abuse Poor big oil!
bandannaman Champion Author New Jersey Posts:1,849 Points:365,610 Joined:Dec 2010	Message Posted: Apr 16, 2012 4:44:05 PM Ignore bandannaman Report Abuse It's the nations oil.
buckets42 Champion Author New Jersey Posts:1,690 Points:329,550 Joined:Oct 2011	Message Posted: Apr 16, 2012 4:36:02 PM Ignore buckets42 Report Abuse Smart.
walkingtall Champion Author Toronto Posts:3,999 Points:1,121,680 Joined:Nov 2004	Message Posted: Apr 16, 2012 4:31:14 PM Ignore walkingtall Report Abuse It's a different country and we want to do business with them.
Lugi1967 Champion Author Ohio Posts:4,788 Points:1,002,395 Joined:Jun 2010	Message Posted: Apr 16, 2012 4:25:58 PM Ignore Lugi1967 Report Abuse Its a different world
Meowmy Champion Author Florida Posts:1,293 Points:348,855 Joined:Jan 2011	Message Posted: Apr 16, 2012 4:25:12 PM Ignore Meowmy Report Abuse And we want to do business with them?