MercoPress. South Atlantic News Agency

K: ?worst investment' unwelcome

During the ceremony the president read from a report by US business watchdog Multinacional Monitor, which releases an annual ranking of the “worst corporations in the world” that takes into consideration “fraud, price abuses, pollution and poisoning cases.”

"Shell was among the ten worst companies in 2002 as one of the main polluters of the environment in the world," said Kirchner, who had already criticized Shell on Wednesday and Thursday, calling the company "totally irresponsible" for its prices hike.

Thus far, two other major players in the market, Repsol-YPF and Petrobras, have said they will not raise prices. But those companies have their own local crude supplies. Shell and Esso do not, which means they have to buy crude at international prices. "This (the hike) has already taken place in other countries around the world, and, in this context, Argentina cannot be the exception," a Shell press release stated.

After Kirchner spoke, another company, Esso, said it too would raise prices by 2.1 to 3.5 percent.

"If the defence of Argentine people's pockets is considered by some journalists ? whether leftist or rightist ? an extreme action, I will have to take all extreme actions," Kirchner stated during a ceremony in Government House. "That's why I'm here... to govern Argentina," he added.

With inflation running at 2.4 percent so far this year, price hikes have become a sensitive issue for the government.

Meanwhile, Buenos Aires Governor Felipe Solá backed Kirchner and criticized Shell for seeking "disproportionate profits" as groups of picketers staged protests against the oil company, including roadblocks in front of petrol stations.

"Shell has raised the price of the good which has the most sensitive impact on the rural and urban economy, and that's diesel fuel," said Solá.

The centre-left ARI party, separately, endorsed the presidential call for a boycott, but labelled the move as "not enough" and urged the government to implement price controls.

"There are lot of tools available ? including the competitiveness bill ? to control prices," the head of the ARI caucus in the Lower-House, Eduardo Macaluse, said.

In a statement signed by two of its three chiefs, Hugo Moyano and José María Lingeri, the CGT said that the union umbrella group "strongly repudiates the attitude of a company that jeopardizes the economic development of the country" and said that it "totally supports" Kirchner.(BAH)