Summary Box: Spain knocks Argentina oil takeover

AP News
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Posted: Apr 17, 2012 12:37 PM
Summary Box: Spain knocks Argentina oil takeover

OIL GRAB: Argentina's President Cristina Fernandez is attempting to quell increasing unrest at home and boost her popularity with an "unlawful" bid to nationalize YPF, the Argentine OIL unit of Spanish company Repsol, the company's president claimed Tuesday.

WHY YPF? YPF is Argentina's largest company and vital for its energy future, especially after a recent find of huge unconventional oil and natural gas reserves. But the company has been under intense pressure from Fernandez' government to raise output.

PAYBACK: Repsol president Antonio Brufau said his company demands just compensation and will fight Fernandez' plan.