The Senate approved the expropriation of YPF

April 26, 2012

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The Senate approved on Thursday, after 14 hours of debate, the bill introduced by the Government to expropriate 51 percent of YPF with 63 votes in favor, three against and four abstentions, two absent, the former president Menem was one of them.

The Front for Victory (FPV) and most of opposition senators like Union Civica Radical and Progressive Broad Front, among others supported the text proposed by the Government.

But the senators of the Peronist Party, Adolfo Rodriguez Saa, Liliana Negre de Alonso and Juan Carlos Romero voted against.

Senators abstained: María Eugenia Estenssoro, of the Civic Coalition, Norma Morandini, the Broad Progressive Front, and Blanca Monllau and Oscar Castillo of the Civic and Social Front of Catamarca.

The bill declares “public interest and subject to expropriation for 51 percent of the YPF assets represented by the same percentage of the Class D shares of the company belonging to Repsol YPF, YPF Gas, its controlling or controlled directly or indirect. “

Senator Aníbal Fernández defended the project saying that “oil and gas are essential to the country that offers tremendous competitive advantage internationally.”