MercoPress. South Atlantic News Agency
YPF dispute has meant a “disruption of trust” between the EU and Mercosur
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. Read full article
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Disclaimer & comment rulesUK Foreign Secretary William Hague has hit out at Argentina and China after their governments announced today that the seized petroleum reserves of a Spanish-controlled energy firm would now be developed by PetroChina and the Sinopec Group. “It was all in bad faith as they seem to have planned stealing it all along...” the Foreign Secretary was quoted.
Apr 26th, 2012 - 02:14 am - Link - Report abuse 0Argentina earlier had sent shock waves through the oil industry by announcing plans to nationalise local oil assets controlled by Spanish company Repsol.
Mr Hague warned the move by President Cristina Fernadez to take over a large part of YPF, the country's biggest oil company, was part of a wider protectionist agenda and that her eventual strategy was to seize the Falklands offshore petroleum fields as well.
Mr Hague's criticisms come as it has been reported the takeover scuppers years of planning by China's Sinopec Group to buy YDF.
Sources told Chinese website Caixin.com that Sinopec had held talks with Repsol to buy its controlling 57% stake in YPF.
Caixin.com cited a source as saying Sinopec, China's second-largest oil company, had reached a non-binding agreement to take over YPF for more than £9bn.
The Caixin.com report said Sinopec was still in talks with Repsol to buy YPF despite the nationalisation threat and the Financial Times said Repsol had not informed Argentina of the discussions with the Chinese oil firm. PetroChina that it was announced today would be spearheading the new reorgaization of YPF had no comment.
@ Well.. Well.. Well. The plot thickens, and something tells me the USA will not at all be happy with the chinese involvement if such underhad tactics inbreach of international law have occured!
Apr 26th, 2012 - 08:10 am - Link - Report abuse 0I think this may be another of chicureo's windups, like the one about my Queen as some kind of North Korean “First Secretary of the Workers Party”. I'd have thought such a significant development would have been reported here. But we'll see...
Apr 26th, 2012 - 08:39 am - Link - Report abuse 0Argentina not knows yet but 'll learn them how these global energy conglomerates are dangerous...
Apr 26th, 2012 - 09:05 am - Link - Report abuse 0bravo Cristina who is more bolder than M.Thatcher.
@3 BK I think, you think right, but they are not as good as yours.
Apr 26th, 2012 - 09:21 am - Link - Report abuse 0@4 TT. The rest of the world seems to hold the opinion that trading and commerce is advantagous to their peoples. Argentina considers them dangerous. What next, government health warning printed at the bottom of the pesso?
Mr Calleaj as a true gift for understating the obvious.
EFE 24 April 2012: In an exclusive interview with Argentine Interior Minister Florencio Randazzo, he mentioned that the first Chinese engineers could be arriving as early as next week to begin the new management transition planned for YPF. He is certain that the new agreement with the Chinese oil company to jointly develop YPF’s petroleum reserves will dramatically resolve the few doubts about the brilliant vision of President Cristina Fernandez. “It also serves a warning that there are consequences for those who are not willing to cooperate with the Argentine people and that further actions will be taken against foreign elements not willing to re-invest their profits back into the country.
Apr 26th, 2012 - 10:36 am - Link - Report abuse 0Anticipated production is highly optimistic and the benefits of the expropriated YPF petroleum will be absolutely important to future generations of Argentineans and Chinese.
#4 “bravo Cristina who is more bolder than M.Thatcher”
Apr 26th, 2012 - 12:23 pm - Link - Report abuse 0Totally agree =) Ti amo mi reina, besos
@7
Apr 26th, 2012 - 03:16 pm - Link - Report abuse 0Nonsense Mrs Thatch could wipe the floor with Cristina whilst simultaneously head-butting husband Nestor and wedgy-ing all 4 of the Junta. I'd never vote for Thatch but I'd rather have her on my team when it comes to a political punch up....move over iron Mike Tyson.
Comment removed by the editor.
Apr 26th, 2012 - 03:43 pm - Link - Report abuse 0Europe thought that Argentina trusted them?
Apr 26th, 2012 - 05:07 pm - Link - Report abuse 0How artless.
@8Musky
Apr 26th, 2012 - 06:29 pm - Link - Report abuse 0I do not know about Thatcher. Lucrezia Borgia, more likely.
We will see how “more bolder” you idiots think she is when the EU begin trade sanctions agains you, im guessing the word bold will be swapped liability. Oh and please dont try and compare Kirchner to Mrs Thatcher, she has been in office 6 months and caused more diplomatic incidents than anyone I know, she isnt fit to clean Maggies shoes.
Apr 26th, 2012 - 06:38 pm - Link - Report abuse 0Mrs Thatcher was the right person at the right time for the UK.
Apr 26th, 2012 - 07:21 pm - Link - Report abuse 0She got the unions sorted out and the likes of Scottie_Kirchnerist and his commie mates in Scotland and all the other main industries including the likes of Arther Scargill who were ruining the country.
Businesses were set free from the 'strike first and think later' mentality.
The Mad Bitch / Turkey Neck / Rubber Doll cannot think in a cohesive manner with her bi-polar syndrome and uncontrollable temper (which she admits to).
This despicable woman is not even fit to lick the shoes of Lady Thatcher.
ARGENTINA BANS MARMITE! - It's too sticky.
Apr 26th, 2012 - 07:57 pm - Link - Report abuse 0These are just words. When good opportunities become available again they will forget about this. Not to mention that oil is a very specific sector, a very strategic resource. Argentina will not start expropriating every single company.
Apr 26th, 2012 - 08:04 pm - Link - Report abuse 0#8 Can't deny I'd like her on my side too, she was formidable and knew her own mind, unlike most of today's clone politicians. She was definately a better fighter for her class than most of the leaders of the British Labour Party. But at least we have the Bradford election result, and the example of foreign leaders like Cristina, to re-energise the British left =)
Apr 27th, 2012 - 01:53 am - Link - Report abuse 0@16BK
Apr 27th, 2012 - 08:31 am - Link - Report abuse 0Still can not make up my mind.
Wind up.
Not a wind up
Wind up
Not a wind up
Wind up
Not a wind up
No, no good, still can not make my mind up.
Where did I put my decision making aparatus?
Heads, it is a wind up
Tails it is not a wind.
Ah, it was heads! your winding us up.
@16 The Bradford election results were the angry outpourings of people who hate being british and hate all things about british culture voting for a man who thinks he's a cat.
Apr 27th, 2012 - 09:50 am - Link - Report abuse 0Words cannot effectively describe what that is.
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