Argentina's 'risky' oil move

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Argentina is to nationalise the country's largest oil firm by expropriating 51% of the shares of YPF oil company controlled by Spain's Repsol.
The move has prompted fierce criticism from abroad after Argentina's President Cristina Fernandez told crowds in Buenos Aires that it is about reclaiming control of their own natural resources.
Samuel Ciszuk, oil consultant at energy specialists KBC, told the Today programme's Simon Jack that the problem for Argentina is that its conventional energy resources of gas and oil are in a natural decline and so need to attract foreign investors in order to develop advanced technology.
He said that because of this there is a risk that investors will hold off for the time being.
"This is never really a good move in order to attract foreign technical know-how," he said, adding that "there is a populist policy about it but the question is whether it is viable in the long term". #Oil #repsol #spain #simonjacktoday
Contributed by BBCR4Today
about 2 years ago