Argentina nationalises oil company

In a bold move to gain control of Argentina’s energy reserves, President Cristina Fernandez de Kirchner pushed forward a bill to renationalise the country’s largest oil company despite fierce criticism from abroad and the risk of a major rift with Spain.

In a national address, Ms Kirchner said the legislation put to congress would give Argentina a majority stake in oil and gas company YPF by taking control of 51% of its shares currently held by Spain’s Repsol.