Spanish officials warned Argentina on Friday that the country risks becoming an international pariah if it follows through on its threats to take control of Spanish-owned energy company Repsol's majority stake in its YPF unit.
Argentine President Cristina Fernandez de Kirchner has said it is “absurd” for the British government, which has enjoyed sovereignty over the Falkland Islands for 180 years, to maintain its claim from an ocean away “when these Islands are part of our maritime platform.” Applying the logic of Ms. Kirchner, Canada should be stoking international tensions in an effort to annex Saint-Pierre and Miquelon. And perhaps Greenland.
Former Colombian finance minister Jose Antonio Ocampo ended his bid to become World Bank president on Friday, leaving two candidates in an unprecedented challenge to US control of the global development institution.
On the day Argentina was expected to make a major announcement referred to the oil industry and the ongoing dispute with Spain’s Repsol-YPF oil and gas corporation, president Cristina Fernandez surprised everybody by talking about chocolates, the yerba infusion and meat export taxes.
Argentine president Cristina Fernandez has sent a draft bill to her lawmakers in Congress that would allow the government to take a controlling stake in local oil and gas giant, YPF SA at the expense of its two largest shareholders, newspaper Clarin reported Thursday.
Amidst the cross-fire between the Argentine government and Repsol-YPF oil giant, Spain’s Industry, Energy and Tourism Minister José Manuel Soria, warned on Thursday that “any sign of hostility” against Spanish companies “will be considered as a hostile sign against Spain and its government, and will bring consequences.”
Shares in Argentina's biggest energy company YPF plunged 5.6% in Buenos Aires on Wednesday while the company's US-listed shares were 5% lower in New York.
China National Offshore Oil Corporation, CNOOC, could prove to be the solution for the ongoing clash between the Argentine government and Spain’s Repsol which holds a majority stake in YPG, Argentina’s main oil and gas company.
The escalade between the Argentine government and the oil companies seems to have cooled off for a few hours on Tuesday following a meeting of Planning Minister Julio De Vido with top officials from Petrobras Argentina, and which was described as ‘productive’.
British oil giant BP will not be involved in exploration or production activities in the Falkland Islands, according to the Argentine Foreign Affairs ministry which just a few days ago sent threatening letters to oil industry and financial corporations which could be working or assessing in the disputed South Atlantic waters.