Spain warns Argentina of strong response over YFP Repsol nationalization
Spain has warned it will defend its interests as a row with Argentina over the nationalization of oil company YPF Repsol.
Promising a “clear and overwhelming” response, the Spanish government summoned the Argentine ambassador to Madrid to express its concern.
The majority stake in YPF is owned by Spanish oil firm Repsol.
Repsol shares fell by 8% in early trading in Madrid and the firm has vowed to demand compensation.
It said it would seek international arbitration over its 57% stake in YPF if necessary.
“These acts will not remain unpunished,” Repsol executive chairman Antonio Brufau told reporters.
According to AFP news agency, Repsol will seek compensation of at least $10 billion (7.7 billion Euros).
Argentina’s ambassador to Madrid, Carlo Antonio Bettini, is due to arrive at the foreign ministry at midday.
Earlier, Spanish Foreign Minister Jose Manuel Garcia-Margallo said the “climate of friendship” between the two countries had been broken.
Spanish Prime Minister Mariano Rajoy is due to visit Mexico and Colombia, where he is expected to seek support for Madrid’s position.
The nationalization was announced to applause on Monday at a meeting between Argentine President Cristina Fernandez Kirchner, her cabinet and provincial governors.
Reading out a statement at the meeting, an official said YPF had been “declared a public utility and subject to expropriation of 51% of its assets”.
Argentina wants to reduce its expensive energy imports from elsewhere.
Before rumors surfaced several weeks ago that Argentina might take YPF from Repsol, Spain and Argentina generally enjoyed good political ties, and important economic ones.
Spain does a significant amount of trade in the country, so there is likely to be an economic fallout to this dispute too.
Antonio Brufau accused President Cristina Fernandez Kirchner of resorting to nationalization “as a way of hiding the economic and social crisis which Argentina is suffering”.
Argentina’s crisis, he argued, was rooted in “a mistaken energy policy”.
He accused Argentina of running a campaign of “harassment” in recent weeks in order to push down the price of YPF shares and get a bargain price for the expropriation.
“It is not appropriate for a modern country, Argentina does not deserve this,” he said.
Repsol’s Argentine partner, the Eskenazi family’s Grupo Petersen, has a 25.5% stake in YPF which will not be affected by the nationalization.
However, Reuters notes that it is unclear how Petersen will be able to repay a $1.9 billion loan provided by Repsol.
Related search articles:
- current events in argentina
- patrick lott plea bargain
- Powered by Article Dashboard religion in canada
- current events in argentina 2013
- kids current events 2013
- preteen argentina
- Cristina Kirchner legs
- current events 2013 for kids
- argentinian public upskirt pics
- xvideo argentina training
- argentina-upskirt pics
- tumblr voyeur argentina
- current events for kids 2013
- repsol girls philippines upskirt
- current event argentina
- 2013 current events in argentina
- current event articles for argentina
- Xnxx tamara gala
- repsol babes
- cristina fernandez wikifeet
- 3 current events in argentina 2013
- 3 current events in argentina
- current events in argentina 2012
- Current Economic event with Starbucks 2013?
- playeras de shell videos
- argentina goven xnxx
- newspaper argentina 2013
- xnxx argantina
- miss arjentina xnxx com
- argentina current health events
- argentina under 12 years xnxx
- list of repsol babes
- argentina current event articles
- economic news in Argentina
- current events 2013 in argentina
- argentina articles 2013
- raab case xnxx
- PRINCESS BASMA BINT SAUD SCAM
- present day events in argentina
- political rallies in argentina today
- Playboy Argentina 20012
- peachy 18 argentinas
- peachy 18 argentina
- onde comprar revitalift miracle blur
- current events 2013 for kids news
- lift and carry argentina
- kirchner argentina nipples
- recent current events in argentina
- tumblr disneyland voyeur
Short URL: http://www.bellenews.com/?p=17663