WORLD
Argentina's oil takeover riles investors
April 17, 2012
April 17, 2012
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CONTINUED...
European Commission President Jose Manuel Barroso said.
Repsol shares closed down 6 percent to euro16.42 ($21.43) in Madrid, far underperforming the benchmark Ibex index. Analysts were concerned that Argentina has not stated any compensation terms for the nationalization of YPF, which has 42 percent of Repsol's global reserves, estimated at 2.1 billion barrels of crude.
Spain's government is lining up allies to contest the nationalization and possibly isolate Argentina economically. Rajoy was already finding support during his trip to Mexico. Venezuela, meanwhile, pledged to use all means necessary to support Argentina.
European Commission President Jose Manuel Barroso said.
Repsol shares closed down 6 percent to euro16.42 ($21.43) in Madrid, far underperforming the benchmark Ibex index. Analysts were concerned that Argentina has not stated any compensation terms for the nationalization of YPF, which has 42 percent of Repsol's global reserves, estimated at 2.1 billion barrels of crude.
Spain's government is lining up allies to contest the nationalization and possibly isolate Argentina economically. Rajoy was already finding support during his trip to Mexico. Venezuela, meanwhile, pledged to use all means necessary to support Argentina.
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