YPF is Argentine again: The draft for the nationalization was approved

 

May 3, 2012

 

After a marathon session that lasted almost 20 hours (divided over two days), the Chamber of Deputies passed the Hydrocarbon Sovereignty Act sent by the executive branch to Congress. Thus, once enacted, YPF will be Argentine.

With votes for the Frente para la Victoria (and allies), the Broad Progressive Front, the Radical Civic Union, New Encuentro and Proyecto Sur approved the project that makes the oil company return to state hands. There were 207 votes in favor.

Against were the blocks of the Civic Coalition, PRO, Patricia Bullrich and Elisa Carrio (monobloc). Oscar Aguad was absent. There were 32 votes against and 12 absences.

Under the new legislation, public interest is declared oil production and expropriates 51% of YPF (all belonging to Repsol shares expropriated) to the National Government and the oil provinces. It also expropriates all of YPF Gas.

Outside of Congress, Kirchnerist groups are doing an event in celebration of this measure, characterized as historical.

It is estimated that on Friday, in a ceremony at Government House to which governors and other political figures were invited, President Cristina Kirchner will enact the initiative.