Spain-based energy group Repsol has sent letters to oil majors including Exxon-Mobil, Chevron and Conoco-Phillips warning it would sue them if they try to invest in YPF or its assets, reports the British newspaper The Financial Times.
The Argentine decision to seize control of 51% of YPF oil and gas giant came into effect on Monday as a decree was published on the Official Gazette. From Spain a new barrage of criticisms in support of Repsol and condemning Argentina started the week.
European Trade Commissioner Karel de Gucht expressed concern Monday over what he called a “growing tendency towards protectionism across Latin America” and warned Europe is preparing retaliation measures against Argentina after YPF expropriation
The controversial Malvinas/Olympics advert promoted by the Argentine government ahead of the London Games not only has had negative reactions worldwide but has also triggered deep concern among members of the Argentine Olympic team.
Argentine athlete Fernando Zylberberg involved in the controversial Malvinas/Olympics advert which is being aired by the Argentine government, contrary to his original statements, has admitted he knew the spot filmed in the Falkland Islands would be used by the government.
Argentine Foreign Minister Héctor Timerman replied to recent demands of an apology made by UK Defence Minister Phillip Hammond over a controversial Olympic advert shot in the Falkland Islands, and urged London to “honour the deaths of those who died in the 1982 conflict by constructing peace.”
The creative managing director of Young & Rubicam Buenos Aires said that is spite of the request from the central office in New York it can’t force the Argentine government to withdraw the controversial advert linking the Falklands/Malvinas claim with the coming Olympic Games in London.
Argentine state-run television aired the controversial advert on Sunday linking the London Olympics to a dispute with Britain over the Falkland Islands, opening itself to further criticism from the International Olympic Committee.
Argentine President Cristina Fernández enacted the YPF nationalization law, which was approved by the Lower House on Thursday. During a nation-wide televised speech from Government House, the Head of State also introduced the company’s new CEO, oil engineer Miguel Galuccio.
Toning down its initial strong reactions to the nationalization of Spanish controlled YPF Spain’s Foreign minister Jose Manuel Garcia Margallo said that Argentina should pay a fair price for the oil company citing a similar case in Bolivia this week.