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Legislators to Examine Expropriation of Argentinean YPF

Buenos Aires, Apr 26 (Prensa Latina) A plenary commission of the Argentinean House of Deputies on Thursday will begin the analysis of the initiative presented by President Cristina Fernandez to regain control by the State over the oil firm YPF.

Already approved by the Senate of the Nation, the draft bill will be discussed today by the Committees on Energy, Budget and Constitutional Affairs of the Lower House, and it is expected to be published next week.

The Executive’s initiative declares as public interest and a priority of the State the country’s self-sufficiency in hydrocarbons, and expropriates 51 percent of YPF shares in the hands of the Spanish firm Repsol.

The same occurs to the exploitation, industrialization, commercialization and exploration of those resources, to guarantee economic development with social equity in the country, Anibal Fernandez, a senator from the governing Front for Victory, stated.

Fernandez was one of the speakers at the long session of the Senate, which concluded early on Thursday with the approval by a majority (63 votes in favor, three against and four abstentions) of the bill sent by the president on Monday.

The distribution among the provinces of 49 percent of the shares to be expropriated from Repsol, the need to promote a new Hydrocarbon Law, and the establishment of a new regulatory framework for energy activity were

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  1. Sucheera /

    Mike if you think it’s bad now just wait! It’s going to get worse. Try $10.00 a gallon by the end of 2012. I just wehtcad a video that showed $4.55 a gallon in NY. Thanks to George W. there is no U.S.A.. Now we are a North American Union . As the North American Union it’s time for all of us to say ENOUGH IS ENOUGH! . Mexicans need to worry about their own country not the U.S.. Canadians need to arm themselves, and we need to take our country back.


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