Argentine leader moves to nationalize oil shares

Oil   Policy

Argentine President Cristina Fernandez on Monday proposed a bill to expropriate 51 percent of the shares of YPF oil company that is controlled by Spain's Repsol, moving ahead with the plan despite fierce opposition from Madrid.

Fernandez said in an address to the country that the measure sent to congress on Monday is aimed at recovering the nation's sovereignty over its hydrocarbon resources. She said the shares being expropriated will be split between the national and provincial governments.

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