BUENOS AIRES -(Dow Jones)- Argentina's largest oil and gas producer, YPF SA (YPF, YPFD.BA), will continue to pay its creditors as a state-run company, Economy Minister Hernan Lorenzino said Wednesday.
President Cristina Kirchner's government has taken operational control of YPF until Congress passes legislation that will allow the administration to seize a 51% stake in the firm from Spain's Repsol YPF SA (REP.MC).
"It's a functioning company. It will continue to meet the obligations it assumed up until" the government took operational control, he said in an interview with Radio Continental.
YPF reported loans for 12.77 billion pesos ($2.9 billion) on its balance sheet at the end of December.
Kirchner's nationalization of YPF is largely seen as a done deal as her allies control both houses of Congress and the bill enjoys significant support among the country's fragmented political opposition.
YPF's shares in New York were recently 2.9% lower at $13.26 in afternoon trading.
-By Ken Parks, Dow Jones Newswires; 54-11-4103-6740, firstname.lastname@example.org
(END) Dow Jones Newswires
April 25, 2012 13:22 ET (17:22 GMT)
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