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 Falkland Islands sovereignty dispute has reached the US capital triggering an interesting exchange in the Washington Post, involving the newspaper and the ambassadors from Argentina and the UK.
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.
Colombia has sent a letter to the World Trade Organization protesting Argentina's import restrictions on its products, the government announced Wednesday.
Brazil’s Mines and Energy minister Edison Lobao discarded that operations of Petrobras in Argentina could be affected by the decision from the administration of President Cristina Fernandez to expropriate YPF from Spain’s Repsol.
Uruguayan president Jose Mujica expressed solidarity with the Argentine government decision to nationalize the oil company YPF belonging to Spain’s Repsol and said he does not like the “arrogance of rich Europe”. His position however was strongly criticized by the opposition.
Repsol’s Chairman Antonio Brufau said the Spain-based group will demand to Argentina a compensation of 10 billion dollars after President Cristina Fernández decided to nationalize the energy giant. Likewise, Brufau accused the Argentine government of “having distorted information” on regards the company’s production during Monday’s presentation.
Fitch Ratings has placed Repsol YPF, SA's ratings on Rating Watch Negative (RWN) following news that YPF takeover has been set in motion by the Argentine government.
Spain’s Foreign Minister José Manuel García-Margallo warned on Tuesday that “Argentina has just shot itself in the foot” as the expropriation of YPF oil and gas company might lead to “a break- up with both Spain and the international community.”