Argentina’s government plans to take over management of YPF SA (YPFD) and give the country’s provinces seats on the board of directors, newspaper El Cronista said, citing Jorge Sapag, governor of Neuquen province.
Argentina plans to make YPF a so-called “mixed company,” with 25 directors, the Buenos Aires-based newspaper cited Sapag as saying. The government will control YPF while encouraging private investments, the newspaper said. The provinces will especially be involved in decisions regarding oil and gas production, Cronista reported.
The government still has to decide whether it will take control of 33 percent or 51 percent of YPF, El Cronista said.
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