CFK orders YPF intervention, appoints De Vido as controller

After announcing the draft bill that seeks to expropriate 51 percent of Repsol-YPF oil and gas company, President Cristina Fernández de Kirchner signed a decree ordering the intervention of the company, and appointing Planning Minister Julio De Vido, and Economy Deputy Minster Axel Kicillof as controllers.

According to sources, De Vido and Kiciloff promptly arrived at Repsol-YPS’s offices in the City neighbourhood of Puerto Madero to take control of the oil giant.

De Vido will take responsibility for the company’ whole management, while Kicillof will focus on the company’s finances.