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Argentina's Senate Approves Plan To Expropriate YPF

(This article was originally published Wednesday.) BUENOS AIRES -(Dow Jones)- Argentina's Senate voted in the small hours of Thursday morning to approve President Cristina Kirchner's bill to expropriate YPF SA (YPF, YPFD.BA), the country's biggest oil and gas company. Sixty-three senators voted for the bill, three against and four abstained, leaving no doubt about the popularity of the measure. The legislation now moves to the Lower House of Congress, where it is expected to easily pass next week. "We want YPF as a tool for developing the country," opposition Senator Ernesto Sanz said, justifying his vote for the bill while also criticizing the government for what he said were its failed energy policies. Last week, Kirchner asked Congress to nationalize YPF by expropriating 51% of it from the company's majority shareholder, Spain's Repsol YPF SA's (REPYY, REP.MC). Kirchner accuses Repsol of underinvesting in exploration and production, which she said has forced the government to import billions of dollars of fuel every year. This, in turn, has turned Argentina into a net energy importer for the first time in 17 years, she said. Over the past decade oil and gas production has plummeted amid soaring demand and insufficient investment. But Repsol has rejected the government's claims and noted that YPF has invested far more than any other company in the industry, where production has fallen across the board at most companies. YPF invested about $3 billion in 2011 and was on track to invest even more this year. Repsol also noted that government officials, including the state's representative on YPF's board, had formally approved of the company's plans for years. YPF's expropriation seems likely to lead to a long legal battle between Repsol and the government, which has scoffed at Repsol's claims that the company be compensated about $10 billion for its shares. YPF was a state-run company until it was privatized in the 1990s. -By Taos Turner, Dow Jones Newswires; 5411-4103-6728; taos.turner@dowjones.com --Alberto Messer contributed to this report.

Stock News for Y P F Sociedade Anon (YPF)
DateTimeHeadline
07/23/201412:57:14Repsol Says Studying Different Upstream Transactions, Including...
06/10/201421:30:21Argentina To Expand Oil & Gas Investment Incentives
06/03/201418:38:46Mexico's Pemex To Sell 7.9% of Its Stake in Spain's Repsol...
05/14/201405:00:05Repsol Builds War Chest with Bond Sale
05/09/201415:22:24Repsol To Sell YPF Compensation Bonds It Received from Argentina
05/08/201404:33:18Repsol 1Q Profit Rises 27% Partly from Divestment Gains
04/24/201405:30:05Repsol Says Argentina Approves Compensation Deal
04/24/201404:59:40Repsol Says Argentina Parliament Approves Compensation Deal
04/10/201418:17:20Chevron Signals It Will Continue Argentina Shale Investments
03/10/201417:42:18ADR Shares End Lower; Petrobras Shares Active
03/07/201417:52:49Argentina's YPF Boosts Fourth-Quarter Profit by 88%
02/20/201419:28:33Repsol, Argentina Expected to Sign Settlement Over YPF Shortly...
02/18/201412:22:40Argentina's YPF Working on Shale Deal With Malaysia's Petronas
02/14/201413:44:45Apache President Plank Retires, Leon Named Finance Chief
02/12/201419:33:09Apache to Sell Argentina Operations to YPF for $800 Million...
02/12/201417:48:17Apache to Sell Argentina Operations to YPF for $800 Million
01/06/201416:56:49ADR Shares Close Lower; YPF, Telefonica Shares Active
12/16/201317:28:23CORRECT: Argentina's YPF to Raise $500 Million, Five-Year Debt
12/16/201313:21:12Argentina's YPF to Raise $500 Million, Five-Year Debt
11/27/201316:17:40Repsol to Start Talks With Argentina

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