The World Bank's arbitration unit has agreed to hear a complaint by Spanish oil firm Repsol over Argentina's nationalization of the company's former energy affiliate YPF.
The Chicago Tribune, one of the leading Midwest US newspapers has been following closely the dispute in New York courts between the Argentine government and investment funds that are demanding full payment of sovereign bonds.
Spanish President Mariano Rajoy stated that he “would have liked” his Argentine counterpart, President Cristina Fernández to have attended the XXIIth Ibero-American summit, starting Friday in Cádiz.
Interview with Sam Logan (*) Angering Spain by seizing and nationalizing a majority of Repsol's shares in YPF and ramping up the rhetoric over the Falkland Islands as exploration deals promise to make the territory a major oil player overnight, Argentina is making few friends in the fossil fuels industry these days.
The Spanish government announced this week it was cancelling all development aid to Latin American countries as a direct consequence of the financial strains the EU member is suffering, which is the worst in decades with record unemployment of 24%.
Argentine President Cristina Fernández de Kirchner sent to Congress a draft bill to expropriate Spain’s Repsol’s holdings of YPF oil and gas company. The announcement was made on Monday at the Government House during a sudden meeting with officials, political leaders, unionists and businessmen.
The CEO from Spain’s main oil corporation Repsol, Antonio Brufau said that there should be no speeches or attempts to impose, but rather more dialogue, in direct reference to the ongoing conflict with the Argentine government over the possible takeover of the YPF branch.
In the last 48 hours “things seem to be getting back on course” said on Saturday Spain’s Minister of Industry Jose Manuel Soria in reference to the ongoing conflict with the Argentine government over the possible take over of YPF, the Argentine affiliate of Spain’s Repsol.
Spanish officials warned Argentina on Friday that the country risks becoming an international pariah if it follows through on its threats to take control of Spanish-owned energy company Repsol's majority stake in its YPF unit.
Argentine Planning Minister Julio de Vido lashed out at Spanish Industry Minister José Manuel Soria by saying that oil company YPF is an Argentine corporation run by Spanish investors and should not be considered an asset of the European country.