Argentine president Cristina Fernandez will be leading on Friday a massive demonstration of support in a Buenos Aires stadium in the midst of an international controversy over the seizure of 51% of YPF from Spain’s oil conglomerate Repsol.
European Trade Commissioner Karel De Gucht said Argentina is in for long term consequences after sending “shockwaves” internationally with the announced plans to expropriate 51% of YPF shares owned by Spain-based Repsol oil and gas company.
Committees of Argentina’s Lower House of Congress began a plenary session on Thursday in order to clear the YPF expropriation bill for debate, which was approved early morning by the Senate.
The processes of concentration, foreign ownership and land degradation came to be a central concern of supranational bodies and NGOs that warn, like the United Nations Organizations for Food and Agriculture Organization (FAO), of the “negative effects of these phenomena on food security, agricultural employment and the development of family farming.”
As usual the Argentine people will suffer the most, victims of a “cheap nationalism” seduction inspired in the “Venezuela process”, says the latest edition of Veja, Brazil’s weekly magazine with the largest circulation, in an article dedicated to the seizure of YPF from Repsol.
Argentina once again warned oil companies considered by the Government to be “illegally operating” in the Falklands/Malvinas Islands, and reiterated it will press charges against them unless they justify their actions before next Wednesday, May 2.
European Commission Deputy Director General for Enterprise and Industry Daniel Calleja warned on Wednesday that Europe has lost its trust in Mercosur trade block after the government announced it would expropriate 51% of YPF shares, owned by Spanish oil company Repsol.
Three Argentine ministers denied as “false” that YPF, under control of Spain’s Repsol had invested more than 20 billion dollars in the company since 1999, arguing the fall in Argentine oil and gas production and reserves is clear evidence of that.
Falkland Islands lawmaker Sharon Halford rejected the Argentine proposal of direct flights from Buenos Aires to the Islands saying that “they are not needed” and expressed surprise at the double standard of President Cristina Fernandez administration.
Argentine President Cristina Fernández vindicated her decision to expropriate YPF, assuring that her Government “remains convinced that all Argentines should be in control of the country’s natural resources.”