Argentina has announced plans to renationalise YPF, its biggest national oil company, ousting the Spanish group Repsol as majority shareholder and prompting a furious row with Madrid.
In a dramatic move likely to have sweeping investor and diplomatic fallout, Cristina Fernández, Argentina’s president, sent a bill to Congress yesterday to put 51 per cent of YPF in state hands. A visibly angry Ms Fernández made the announcement on live television to a cheering audience at the government palace.
The government said YPF had been failing to invest in the sector, forcing Argentina to pay more than $9bn to import fuel last year.
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