The bill numbered 26.741 establishes that YPF Gas has an essential role in Argentina’s hydrocarbon policy.
The decision of the national government of seizing control of YPG oil and gas giant came into effect today as a decree was published on the Official Gazette.
The law numbered 26.741 and officialized through the decree 660/2012 establishes that YPF has an essential role in Argentina’s hydrocarbon policy, therefore, it is considered to be “of national public interest.” The nationalization of the company, the rule establishes, should be at the top of the national priorities.
“Amongst the Argentina’s main objectives are the insurance of hydrocarbon supply, as well as its exploration, industrialization, transportation and commercialization,” the decree stated.
During a nation-wide televised speech, President Cristina Fernández de Kirchner praised the approval of the YPF expropriation law on Friday, which had been passed by the Lower House on Thursday.
With the expropriation, the national government now owns 26.03% of YPF’s shares while the provinces control 24.99% of the stakes. The Petersen Group accounts for other 24.99% of the shares and the remaining 17.09% of stocks are listed on the Stock Exchange.
buenosairesherald.com