Buenos Aires, May 3, (RHC), -- Argentina’s Congress is set to approve Thursday the renationalisation of the country’s biggest oil company YPF from Spain’s Repsol, after which the government will retain 51% of shares.

More than three-fourths of the lawmakers are expected to approve the law Thursday night, while only the Conservatives say they will vote against it.

“We are enormously happy. It is an historical session, a very important debate because the state recovers its role as the guarantor of the natural resources to promote our homeland’s best interests,” said the Frente Para La Victoria or Front for Victory party’s Joaquin Palacios.

Repsol will only retain 6.43% of the company after the controversial takeover, which has Spain threatening to retaliate.

Founded in 1922, YPF was privatised in the 1990s, with Repsol paying $15B in 1999 for control. The Iberian company announced it will take legal action against the Argentinean government and seek a compensation of at least $10B.

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