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Argentine president plans to nationalize oil co.
04-17-2012, 03:57 AM #1
Kreeper Griobhtha
Posts:10,942 Threads:728 Joined:Feb 2011
Argentine president plans to nationalize oil co.

Quote:BUENOS AIRES, Argentina (AP) — Argentine President Cristina Fernandez on Monday proposed a bill to nationalize the YPF oil company that is controlled by Spain's Repsol, moving ahead with the plan despite fierce opposition from Madrid.

Fernandez said in an address to the country that the measure sent to congress on Monday is aimed at recovering the nation's sovereignty over its hydrocarbon resources. She said the shares being expropriated will be split between the national and provincial governments.

The president complained that Argentina last year had to spend more than $3 billion to important gas and petroleum.

Spanish officials have already protested the plan, saying Argentina risks becoming "an international pariah" if it takes control of Repsol's YPF subsidiary.

I guess Spain needs to plan on a few more cannabis fields.


I am speaking of the life of a man who knows that the world is not given by his fathers, but borrowed from his children; who has undertaken to cherish it and do it no damage, not because he is duty-bound, but because he loves the world and loves his children… - Wendell Berry, 1971
04-17-2012, 12:11 PM #2
The Barking Dead Member
Posts:15 Threads:8 Joined:Mar 2012
They will start painting her as evil, like they did Chavez. Doing anything to help the people of your country at the expense of corporate interests is a big no no.
04-17-2012, 12:53 PM #3
Octo Mother Superior
Posts:41,118 Threads:1,549 Joined:Feb 2011
I reckon Argentina is now in the axis of evil. Time to invade and change regime coffeetime.gif
04-17-2012, 01:20 PM #4
JayRodney ⓐⓛⓘⓔⓝ
Posts:30,347 Threads:1,478 Joined:Feb 2011
Those economic terrorists will be dealt with swiftly I'm sure. If this follows the John Perkins economic hit man path, she will end up having a mysterious heart attack, or outright assassination.
Replacement will be somebody a bit more friendly to corporate interests. When corporations win we all win lmao.gif

04-17-2012, 01:25 PM #5
misterbumps Member
Posts:949 Threads:37 Joined:Apr 2012
Very interesting thread. I have to go out for a bit but I would like to give this a lot of consideration when I return. Spend a few hours reading the various exchanges through the news.

I understand the position of Argentina. The government is also stoking up nationalist pride. I wonder if they are being engaged and utilised by the BRICS nations. It was only a month or so a go they were publicly denouncing Britain for oil prospecting in what we call the Falkland Isles. I guess it is easier to deal with a country such a Spain who do not have a great military force and are in economic dire straits (not that Britain is anyway a super power but I think Argentina fear repercussions more from the U.K than Spain). Spain is full of internal problems to be taken advantage of. 50 per cent youth unemployment, high interest on bonds, low investment. Where do we begin? didn't their King even break his leg the other day.....? What a metaphor....Hmmmm got to go to a meeting but this is definately a link to think about. I don't think I've ever heard of a country suddenly taking over a company from another country and nationalising it in their interests. If this is true the ramifications on Spain, the wider Euro zone, the e.c.b and even the i.m.f are massive. The monetary firewall is not big enough to bail out this country. sheesh worse news I heard today. Still who can blame Argentina when they have to spend 3bill buying back what was theirs to begin with? I still can't help feeling this has got the mark of BRICS all over it.

I can see by your coat my friend you're from the other side. Just one thing I got to know. Who won?
04-17-2012, 01:56 PM #6
JayRodney ⓐⓛⓘⓔⓝ
Posts:30,347 Threads:1,478 Joined:Feb 2011
Fascinating take on that Mr. Bumps.

This could very well be an effort on the part of BRICS to secure resources for the leading emerging economies.

This has to be very disturbing to Western interests who are obviously doing the same thing under the guise of an usustainable war on terror.

Recalling a bit of history, though highly unusual; this is not the first time such a thing has been tried. Classic example was Iran back in the early 50's.

Quote:The 1953 Iranian coup d'état (known in Iran as the 28 Mordad coup) was the overthrow of the democratically elected government of Iranian Prime Minister Mohammad Mosaddegh on 19 August 1953, orchestrated by the intelligence agencies of the United Kingdom and the United States under the name TPAJAX Project. The coup saw the transition of Mohammad-Rezā Shāh Pahlavi from a constitutional monarch to an authoritarian one who relied heavily on United States support to hold on to power until his own overthrow in February 1979.

In 1951, Iran's oil industry was nationalized with near-unanimous support of Iran's parliament in a bill introduced by Mossadegh who led the nationalist parliamentarian faction. Iran's oil had been controlled by the British-owned Anglo-Iranian Oil Company (AIOC). Popular discontent with the AIOC began in the late 1940s, a large segment of Iran's public and a number of politicians saw the company as exploitative and a vestige of British imperialism.

Despite Mosaddegh's popular support, Britain was unwilling to negotiate its single most valuable foreign asset, and instigated a worldwide boycott of Iranian oil to pressure Iran economically. Initially, Britain mobilized its military to seize control of the Abadan oil refinery, the world's largest, but Prime Minister Clement Attlee opted instead to tighten the economic boycott while using Iranian agents to undermine Mosaddegh's government.

With a change to more conservative governments in both Britain and the United States, Churchill and the U.S. Eisenhower administration decided to overthrow Iran's government though the predecessor U.S. Truman administration had opposed a coup.
Read more: en.wikipedia.org

I think we're all familiar with how this scenario played out. It seems the factions at the top of the proverbial food chain have conflicting interests. I'm certain we will begin to hear anti BRICS propaganda in the western media before long.

The reality is the US and NATO can't win in a conflict involving Russia and China, and the petrol dollar is slowly loosing it's backing. Iran dropped the greenback just like Iraq and that is justification for invasion in the minds of those who run military industrial complex to which our leaders pander.

Anonymous Kritter Show this Post
04-17-2012, 02:05 PM #7
Anonymous Kritter Incognito Anonymous
YPF Repsol: Spain warns Argentina of strong response

The Spanish government has warned it will defend its interests as a row with Argentina over the nationalisation of oil company YPF intensifies.

Promising a "clear and overwhelming" response, the government summoned the Argentine ambassador to Madrid to express its concern.

The majority stake in YPF is owned by Spanish oil firm Repsol.

"These acts will not remain unpunished," Repsol executive chairman Antonio Brufau told reporters.


Tough talk from a country that can't afford to go to war.

04-17-2012, 02:55 PM #8
Jed Member
Posts:206 Threads:40 Joined:Mar 2012
reading.gif Good thread y'all.
Nationalizing resources has usually
been a recipe fer disaster.
Like my last batch of Possum stew. chuckle.gif
04-17-2012, 03:23 PM #9
Shadow Incognito Anonymous
WASHINGTON - The White House announced Friday the formation of a high-level working group designed to coordinate the government's oversight of natural-gas drilling and the much-scrutinized drilling method known as hydraulic fracturing


04-17-2012, 03:46 PM #10
Octo Mother Superior
Posts:41,118 Threads:1,549 Joined:Feb 2011
The Spanish government has also warned of ‘consequences’ – economic and political. And it’s enlisting the support of the European Union, a bit trade and investment partner for Argentina and the whole of Latin America.

But Buenos Aires has stuck its fingers up to international economic pressure in the past – notably with its 2002 default. With the help of the commodity boom, which has boosted its food exports, it has survived.

Buenos Aires now needs around $25bn a year needed to develop new oil and gas fields containing up to 22bn barrels of shale oil and gas. The FT’s Lex suggested that it could now struggle to find foreign energy partners.

But this isn’t necessarily the case. Oil companies have rarely been slow to trample on each other’s toes. In Argentina there is talk that Chinese energy companies are ready to step into the breach.

04-17-2012, 04:57 PM #11
Adde Member
Posts:785 Threads:55 Joined:Apr 2012
Like another regulatory agency is just what we all need. gaah.gif I'm no fan of fracking. It's been shown to cause quakes and contaminated who knows how many wells and underground water supplies.
Nobody knows the long term effects.
04-17-2012, 05:28 PM #12
JayRodney ⓐⓛⓘⓔⓝ
Posts:30,347 Threads:1,478 Joined:Feb 2011
(04-17-2012, 03:23 PM)Shadow Wrote:  WASHINGTON - The White House announced Friday the formation of a high-level working group designed to coordinate the government's oversight of natural-gas drilling and the much-scrutinized drilling method known as hydraulic fracturing



As if the whole process isn't questionable enough, now it's going to run with government over site? coffeetime.gif
Well, at least that will become so ridiculously complex that now natural gas prices can go back up to the same levels as if the US was importing it. 15.gif

04-17-2012, 05:34 PM #13
Shadow Incognito Anonymous
hug.gif hej JR, I was wondering the first step in nationalizing the US's reserves?
04-17-2012, 05:42 PM #14
JayRodney ⓐⓛⓘⓔⓝ
Posts:30,347 Threads:1,478 Joined:Feb 2011
hug.gif Hej Shadow!

Possibly, but the entire government serves corporate masters. Such a move may be dangerous in terms of political donations.
I'm watching everything real closely at the moment, they are all working the reelection racket at the moment where they pretend to give a shit for a few short months.
Seriously, It would seem to be better suited to expand the role of the EPA here and let them torture the gas industry, not create a new bureaucracy to waterboard them with regulations.

04-17-2012, 05:56 PM #15
Shadow Incognito Anonymous
Any oversight committee would represent the industry. A way to subvert environmental regulations.



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