Argie bargy set to raise oil price

LAST UPDATED: 21 Apr, 2012 @ 09:52
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Argie bargy set to raise oil price

ARGENTINA has announced the immediate nationalisation of oil company YPF, part of Spain’s Repsol.

She has also fired the company’s Spanish directors from the headquarters in Buenos Aires.

Despite strong protests from Spain and the EU, president Cristina Kirchner has wrested control from Repsol and announced that 51 per cent of YPF will now be controlled ‘for the good of Argentina.’

Meanwhile Iran has cut all crude oil exports to Spain as a pre-emptive measure against EU embargos – which Spain is ironically not supporting.

The European ban, set to come into place on July 1, is an attempt to force Iran into abandoning the development of nuclear weapons.

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