http://www.channelnewsasia.com/stories/afp_world_business/view/1197969/1/.html
Argentine president thanks opposition for support over YPF
Posted: 28 April 2012 0954 hrs
Photos 1 of 1
Argentine President Cristina Fernandez de Kirchner (C) waves to the
crowd during a political gathering on April 27, 2012. (AFP - Alejandro
Pagni)
BUENOS AIRES: Argentine President Cristina Kirchner defended the
expropriation of oil company YPF, a subsidiary of Spain's Repsol, and
thanked opposition groups for support of the move.
Kirchner rallied supporters at a Buenos Aires football stadium on Friday,
marking the ninth anniversary of the election victory of her late husband
Nestor Kirchner (president 2003-2007), and hailed the move as positive for
the country as whole, despite a harsh reaction from Spain and European
Union.
"I thank the opposition for their support for the recovery of YPF. This is
not the work of a party -- it's by all Argentines and for all Argentines,"
she said.
Argentina's Senate on Thursday approved the government's move to
nationalize YPF. The bill is now in the hands of the Chamber of Deputies,
which is expected to approve it on May 3.
The takeover is popular in Argentina, where it is supported by both the
government and the opposition.
Argentina announced it would seize 51 percent of YPF shares earlier this
month, with some 26 percent to be held by the federal government and 25
percent going to the provinces.
Madrid has led a chorus of international outrage over the move, saying it
harmed bilateral relations and would deny Argentina much-needed foreign
investment and expertise in the oil sector.
YPF produces 34 percent of Argentina's oil and 25 percent of its gas, and
the company holds some 54 percent of the country's refining capacity,
according to the private Argentine Petroleum Institute.
Buenos Aires has accused Repsol of failing to invest in its oil sector,
forcing a spike in costly imports.
Argentina's oil imports doubled to $9.3 billion in 2011 from the previous
year and are set to top $12 billion this year, according to official
figures.
- AFP/al
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