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October 23, 2014
Monday, April 16, 2012

'We don't promote nationalizations, but we focus on recovering our resources,' CFK

''Where''s the production, YPF?'' a common sign seen around the streets of Buenos Aires lately.

President Cristina Fernández de Kirchner stated that the decision of presenting a draft bill to expropriate the majority of shares held by Spanish Repsol came after “witnessing how 17 years after the [1992] privatization of YPF, Argentina became, for the first time, a net importer of oil and gas with a total deficit of over 3 billion dollars."

Moreover, the Head of State explained that "in 2011 the oil and gas imports showed a year-on-year increase of 150 percent having spent over 9 billion dollars, which was almost as much as last year’s trade surplus.”

Escorted by Vice President Amado Boudou, Cabinet Chief Juan Manuel Abal Medina, and Interior Minister Florencio Randazzo, the President emphasized that "Energy and hydrocarbons are vital for any country in this world, and we can afford to let them being managed by private companies."

Likewise, the Head of State crossed jabs with Spain’s Economy Minister that earlier today indicated that in case of nationalizing Repsol-YPF, Argentina will be definitely sinking in the waters of populism, and remarked that “We do not choose a nationalizing model, but we promote a model focused on recovering the sovereignty of the country’s resources."

Fernández de Kirchner also listed the many countries that currently have total control of the energy industry.

“The United Arab Emirates control 100 percent of their oil and gas industry, same with China, Iran, Venezuela, Uruguay, Chile, Ecuador, Mexico, Malaysia and Egypt among many others. Colombia holds 90 percent stake, Russia’s Gazprom holds 50 percent stake, Brasil’s Petrobras 51 percent. So this is not something we came up with one day and all of the sudden.”

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Tags:  CFK  Fernandez  Kirchner  Cristina  YPF  expropiation  





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