Announcement

Foreign Secretary announces concern at Argentina’s plans to nationalise YPF

This news article was published under the 2010 to 2015 Conservative and Liberal Democrat coalition government

Foreign Secretary William Hague comments on the announcement that Argentina plans to nationalise part of energy company YPF.

Speaking earlier, the Foreign Secretary, William Hague, said:

“I am very concerned at the announcement of Argentina’s intention to nationalise a large part of energy company YPF, reducing ownership by Spanish company Repsol from 57% to 6%. 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.

“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.”