Argentina's lower house set to approve YPF move

Proponents: Argentina’s Planning Minister Julio de Vido (left) and Deputy Economy Minister Axel Kicillof (right), in the Senate in Buenos Aires. The pair are seen as the architects of the move to seize control of YPF

REUTERS/SCANPIX

By Gareth Chetwynd Rio de Janeiro

 03 May 2012 22:59 GMT

Argentina’s Chamber of Deputies was poised to approve the expropriation of a controlling stake in YPF as Upstream went to press this week.

Debate began barely a week after the bill had won Senate approval, and the measure was expected to meet little opposition in the lower house.

President Cristina Fernandez de Kirchner enjoying broad support since announcing the expropriation of a 51% stake in YPF from Spain’s Repsol YPF.

A recent poll carried out by Poliarquia Consultores, published in La Nacion newspaper, suggested that 62% of Argentines agreed with the announced measures while 31% disagreed with them.

Government ministers have said Argentina’s National Appraisal Court will now determine what compensation, if any, Repsol YPF will receive.

The…

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