William Hague criticises Argentina's bid to seize control of YPF from Repsol

 

James Tapsfield
Wednesday 18 April 2012 10:38
Comments

William Hague hit out at Argentina after the government said it was seizing a Spanish-controlled energy firm.

The Foreign Secretary warned that the move by President Cristina Fernandez was part of a wider protectionist agenda.

Ms Fernandez has said she will nationalise a large part of YPF, the country's biggest oil company. Spain's Repsol would see its stake reduced from 57% to 6% as a result, potentially losing billions of dollars.

The announcement - part of Argentina's efforts to curb fuel price hikes - has drawn a furious response from Madrid, which has threatened trade and diplomatic reprisals.

Mr Hague said he was "very concerned" by the developments.

"This is the latest in a series of trade and investment related actions taken by Argentina which are damaging to business interests and will undermine Argentina's economy by reducing its attractiveness to international investors," he said last night.

"The Argentine Government has made no secret of the fact that it wishes to reduce imports and boost its domestic trade surplus through a variety of restrictive trade measures.

"This goes against all the commitments Argentina has made in the G20 to promote transparency and reduce protectionism.

"We will work with Spain and our EU partners to ensure the Argentine authorities uphold their international commitments and obligations."

PA

Register for free to continue reading

Registration is a free and easy way to support our truly independent journalism

By registering, you will also enjoy limited access to Premium articles, exclusive newsletters, commenting, and virtual events with our leading journalists

Already have an account? sign in

By clicking ‘Register’ you confirm that your data has been entered correctly and you have read and agree to our Terms of use, Cookie policy and Privacy notice.

This site is protected by reCAPTCHA and the Google Privacy policy and Terms of service apply.

Join our new commenting forum

Join thought-provoking conversations, follow other Independent readers and see their replies

Comments

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in