The government of President Cristina Fernandez is “not concerned” about the escalade of international criticism following the announced nationalization of the oil company YPF, and rules “thinking in Argentina not in Spain or the US”, said two cabinet members.
Colombian president Juan Manuel Santos welcomed Spanish corporations and guaranteed his visiting Spanish peer Mariano Rajoy that in Colombia there will be no surprises because the country follows the rules of the game: “President Rajoy: here we don’t expropriate”.
Spain will discuss a joint response with the United States to Argentina‘s forced nationalization of the YPF oil company, Spanish Foreign Minister Jose Manuel Garcia-Margallo said on Thursday.
Argentina's government said on Thursday that it had agreed with France's Total to work together to boost natural gas output by 2 million cubic metres per day at two Patagonian fields where YPF – which is being nationalized – also has a stake.
Argentina's move to nationalize local oil company YPF, controlled by Spain's Repsol, was strongly criticized by the World Bank president Robert Zoellick and French Foreign Minister Alain Juppé.
“You build history the way you can, not the way you want”, said Argentine president Cristina Fernandez during an official ceremony in which she referred to the “recovery” of the country’s main oil and gas corporation YPF, in the midst of the dispute with Spain’s Repsol.
Argentina will seize natural-gas producer YPF Gas SA as part of plans to boost control of its natural resources and increase production, two days after seizing oil producer YPF SA.
The US government finally broke silence regarding the YPF controversy and expressed “deep concern’ over the expropriation plans. A State Department spokesman said on Wednesday the plans “could have an adverse effect on the Argentine economy.”
China's state-owned Petrochemical Corp (Sinopec) spokesman Huang Wensheng came on stage to play down rumours indicating that Argentina's move to nationalize local oil company YPF, controlled by Spain's Repsol, has spoiled years of planning by Sinopec to buy the energy giant.
We don't comment on market rumours, Wensheng said.
European Commission Vice President Antonio Tajani addressed Argentina's plan to expropriate 51% of the 57.43% share-package Spanish ran Oil Company Repsol owns, during a speech at the European Parliament on Wednesday. From Rome Italy also voiced its concern with events regarding YPF and trade restrictions.