Argentina to launch a $2B oil, gas development fund

Argentina's government plans to invest up to $2 billion into a Hydrocarbon Fund. The fund will finance petroleum exploration and production and is authorized to lend money, contribute capital and buy securities issued by oil companies in which the government has an equity stake, reports Dow Jones. The decision comes exactly a year after, Argentina President Cristina Fernández de Kirchner announced the expropriation of 51% of Argentine oil company YPF from Spain's Repsol. The South American nation continues its struggles to become self sufficient in oil and natural gas.