Spain and EU respond to Argentina’s move to seize YPF

April 23, 2012 |

In the EU, parliament has condemned Argentina’s move to seize YPF, the largest oil distributor in Argentina which was previously owned by Spain’s Repsol. Argentina claims that Repsol has not invested enough in the country’s oil industry. The parliament has called on the EU to consider “possible partial suspension of the unilateral tariff preferences” currently in effect with Argentina to discourage this nationalization of a European company’s assets. Officials from Brazil and Argentina met on Friday regarding the move towards seizure and Brazil indicated that Petrobras plans to continue their investment in the argentina oil market.

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Category: Fuels

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