MercoPress. South Atlantic News Agency

Spain no longer discusses Argentina’s ‘sovereign decision to seek energy sector control”

But the process should be ‘precise and appropriate’ says Foreign minister Garcia Margallo

Spain’s Foreign Affairs Minister José Manuel García Margallo said the Spanish government is no longer “discussing” Argentina’s “sovereign decision to seek energy sectors’ control.” “It could seem to me a mistake, but it is the responsibility” of the Argentine government, García Margallo stated.

“The nationalization of companies (as a way) to accomplish” the control over a country’s oil and gas resources “is not being discussed,” the Spanish official explained during a conference in Madrid to address Europe’s devastating economic crisis but did question the expropriating process, considering it should be “precise and appropriate.”

What must be discussed is that the seizure is done “following an adequate procedure and price; Spanish companies can feel sure that they will always have us behind in those cases”.

According to García Margallo, Rajoy’s administration has fostered a pro-dialogue stance with Argentina in order to settle the dispute over the expropriation of Repsol’s majority stake at now state-run company YPF. Still, he said it is the companies’ decision and responsibility to reach an agreement.

“The office of President Mariano Rajoy and my ministry are doing everything possible to help the Spanish companies overseas” and that is why they have tried to establish a ‘dialogue line’ with the Argentine Executive to reach an agreed solution.

Recent negotiations have failed since the Spanish company Repsol did not approve the terms for a deal to compensate last year’s seizure of a majority in YPF.