BUENOS AIRES, Argentina — Less than a decade ago, Argentina was an exporter of oil and natural gas. Now the government has to spend billions of dollars to import fuel. This dramatic reversal of fortune is why Argentina, already a global financial rogue after its historic debt default, is willing to risk becoming even more of a pariah by seizing control of its leading oil company from Spanish hands, analysts say. President Cristina Fernandez infuriated Spain, its largest foreign investor, but elated many Argentines by expropriating Repsol YPF SA's majority stake in Argentina's formerly state-owned YPF energy company. Only two months earlier, Repsol YPF had upped its estimate for the shale oil and gas it found in Argentina to nearly 23 billion barrels, enough to double the country's output in a decade.
Argentina Boots Repsol, Nationalizes Petroleum Company
AP, Huffington Post: Business
Sun, 04/22/2012 - 12:18pm
Topics: vaca muerta dead cow president cristina fernandez spain repsol ypf sa spanish president nestor kirchner argentine oil gas institute energy ministry emilio apud cheap alieto guadagni united states tobago bolivia repsol president antonio bureau brufau deputy economy minister axel keillor kicillof latin neuquà michael lynch strategic energy economic research planning minister julio energy minister edison lobao de vido french-owned total austral chevron exxon china's no sinopec associated press almudena calatrava michael warren buenos aires argentina fernandez in argentine argentines ypf repsol ypf repsol eduardo fernandez he china brazil america buenos aires strategic vido petrobras company billion demand government dollars percent reserves production country billions control year shareholders lack debt price decade fuel default future ndash shale subsidies market companies money barrel loss secretary private largest state-owned consumers barrels develop accused promises taxes world million secured seized times fuels expropriation spend dividends natural paid profits prices fields
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