Argentina nationalizes Repsol YPF in the old Bolivarian way
Late on Monday, Argentinian president Cristina Kirchner adopted the mislead and failed bolivarian method of asset seizure and signed a decree to take over oil developer Repsol YPF from its Spanish private owners to her government. Citing the measure was taken to “ensure the recovery the Argentinian sovereignty in hydrocarbons”, Kirchner named two ministers to be interventors at the company and obligated the Spanish executives to pack their things and leave YPF’s headquarters.
In a speech broadcasted on TV the president said the decision “is a state policy that must unite the Argentinians”, while the Spanish government said it was “an assault” and would take retaliative measures. Repsol asked for 8 billion euro-compensation for the seizure but Argentina said it will not pay the amount.
After the forced takeover of Repsol YPF, some people believe other companies will have the same fate – such as Petrobras, victim of a similar stroke in Bolivia in 2006. An anonymous source heard by Brazilian newspaper “Folha de S. Paulo” said Argentina had calmed down the state-owned company as the decision agains tthe Spanish company was an isolated case. What now?
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