EU trade ministers agreed on Friday to approve a free trade pact with Colombia and Peru that could boost European car and chemical exports and lift food and mineral exports from the South American countries.
The elected government of the Falkland Islands said on Friday it regrets the latest attempt by the Argentine government to economically undermine the Islanders way of life, which is yet another example of intimidation and bullying towards a country of 3.000 people.
Argentina will take legal action at home and abroad against any companies involved directly or indirectly in hydrocarbons exploration off the Falkland/Malvinas Islands, Foreign Minister Hector Timerman said on Thursday.
Britain waited only a few minutes for Argentina to finish detailing a barrage of legal and administrative threats against anybody and everybody involved in the Falklands oil industry, and firmly stated its full support to the Islanders development of their hydrocarbons resources.
The governments of the Patagonian provinces of Chubut and Santa Cruz announced the termination of the contract of exploitation of four different oil wells that YPF handles in the Gulf San Jorge and that both provinces share. Spain’s Repsol, the oil giant that controls YPF has announced it will file a lawsuit against the measure.
Argentine Patagonia Chubut province could move to revoke oil and gas concessions held by Spain’s Repsol controlled oil and gas giant YPF SA as soon as Wednesday, a provincial official said Monday.
The relationship between the Argentine Government and the Spanish Repsol-YPF oil company continues to strain in spite of recent announcements and contacts to try and cool the situation.
Argentine president Cristina Fernandez is scheduled to travel to Chile next week to meet with her peer Sebastian Piñera and the Falklands issue expected to outstand in the bilateral agenda, particularly air links with the Islands.
Premier Wen Jiabao said China would strengthen its military's capabilities to win “local wars under information-age conditions”, even as the government announced a steep 11.5% rise in domestic security spending to ensure stability ahead of a leadership transition.
Spain and Argentina formed a working group to resolve their “differences” over YPF, the Argentine oil company majority-owned by Madrid-based Repsol-YPF, Industry Minister Jose Manuel Soria said.