YPF / Repsol nationalization plan: press statement by José Manuel BARROSO, President of the EC
Première transmission: 18/04/2012
Brussels, Belgium - EC/Berlaymont
Fin de production: 18/04/2012
Argentina is to renationalise YPF, its biggest oil company, ousting the Spanish group Repsol as majority shareholder and prompting a sharp fall in the Spanish oil group’s shares.
Spain retaliated on Tuesday by summoning the Argentine ambassador in an escalation of tensions between the two countries.
The seizure of YPF would be the biggest renationalisation in the natural resources industry since the Russian government took control of Yukos in the early 2000s
Only the original language version is authentic and it prevails in the event of its differing from the translated versions.
||SOUNDBITE (English) by José Manuel Barroso, President of the EC: As you know European Commission has already confided his concerns to the government of Argentina. We had emphasized the need for mutually agreed solutions which do not harm the business environment. I am seriously disappointed about yesterday's announcement. We expect Argentinean authorities to up hold the international commitments and obligations, in particular, those resulting from a bilateral agreement on protection of investments with Spain. I have asked the Commission services to follow this matter up very closely as a matter of a priority