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Argentineans back president over YPF decision

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A rally has been held to back Argentine president for her decision to expropriate 51 percent stake in energy company YPF from its controlling shareholder, Spain’s Repsol, Press TV reports.

Ruling party top officials and lawmakers joined the rally on Friday at Velez soccer stadium in Buenos Aires, where demonstrators waved national flags.

“When I announced I was sending this project to the congress, I said it was not a return journey to the past, but the recovery of a historic company,” Cristina Fernandez said.

“We must seek new ways of state intervention and private sector participation, but the state can never decline its political, economic, social, and intuitional responsibilities,” she added.

Fernandez also said YPF project aims at recovering Argentina’s largest oil company and vindicated state-centric policies carried out by her administration over the past years.

National Congress is set to pass the YPF bill next week amid increasing tensions with Madrid.

The Spanish government has recently announced plans to impose limits on biodiesel imports from Argentina.

The president also made reference to Malvinas diplomatic row and called on Argentineans to defend the country’s sovereignty rights over the disputed territories through diplomacy and peace.

Buenos Aires has repeatedly protested British presence in the South Atlantic, accusing the UK of plundering Argentina’s oil and fishing stocks.


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