(MENAFN- Saudi Press Agency) Argentinean President Cristina Fernandz said Monday she is proposing legislation to nationalize the YPF oil company controlled by Spain's Repsol.
Fernandez said in a speech the measure sent to Congress on Monday is aimed at recovering the country's sovereignty over its hydrocarbon resources.
According to the legislation, Argentina will take a 51 percent stake in the Spanish-controlled energy company, and YPF shares being expropriated by Argentina will be split between the federal and provincial governments.
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