Argentine Foreign Minister Héctor Timerman said the recent criticism from the European Trade Commissioner Karel De Gucht regarding the YPF expropriation is “unacceptable,” and assured that it “surprised him due to his tone and approach”.
European Trade Commissioner Karel De Gucht said Argentina is in for long term consequences after sending “shockwaves” internationally with the announced plans to expropriate 51% of YPF shares owned by Spain-based Repsol oil and gas company.
Committees of Argentina’s Lower House of Congress began a plenary session on Thursday in order to clear the YPF expropriation bill for debate, which was approved early morning by the Senate.
Oil explorer Borders & Southern boosted its available funds to help it analyse a gas discovery in the Falkland Islands, by raising £ 46 million through a share placing.
The processes of concentration, foreign ownership and land degradation came to be a central concern of supranational bodies and NGOs that warn, like the United Nations Organizations for Food and Agriculture Organization (FAO), of the “negative effects of these phenomena on food security, agricultural employment and the development of family farming.”
Argentina once again warned oil companies considered by the Government to be “illegally operating” in the Falklands/Malvinas Islands, and reiterated it will press charges against them unless they justify their actions before next Wednesday, May 2.
Three Argentine ministers denied as “false” that YPF, under control of Spain’s Repsol had invested more than 20 billion dollars in the company since 1999, arguing the fall in Argentine oil and gas production and reserves is clear evidence of that.
Argentine President Cristina Fernández vindicated her decision to expropriate YPF, assuring that her Government “remains convinced that all Argentines should be in control of the country’s natural resources.”
Fitch Ratings revised Uruguay's rating outlook to positive from stable on Tuesday, citing the country's ability to cut external and budget vulnerabilities. However Fitch warns about the deteriorating situation in neighbouring Argentina and inflation.
Spain’s energy corporation Repsol describes as ‘false’ Argentine government allegations that its affiliate YPF “had not invested sufficiently” in its hydrocarbons interests in Argentina.