Mexican Billionaire Carlos Slim Discloses Huge Stake In Argentine Energy Company YPF

By Mamta Badkar | Business Insider – Fri 15 Jun, 2012 1:46 AM IST

Carlos Slim's 13G regulatory filing has revealed that he has 32.9 million class D shares of YPF, according to a Bloomberg report.

Slim is said to have taken an 8.4 percent stake in YPF, the company which was nationalized by Argentina back in May. But it isn't clear when Slim purchased the shares.

YPF's stock jumped over 12 percent on the news.

Earlier this month YPF's CEO Miguel Galuccio announced a five-year plan to invest up to $7 billion annually to recover from declining oil and natural gas output.

Galuccio also said that YPF is projected to grow 7 percent annually with 1,000 wells being drilled beginning 2013. Argentine president Cristina Fernandez de Kirchner had expropriated shares of Repsol-YPF, criticizing Repsol for not developing Argentina's oil fields and blaming it in large part for the country's massive import of oil.

Don't Miss: Here's How Cristina Fernandez Is Destroying Argentina's Economy >

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