Speaking about the announcement that Argentina plans to nationalise part of energy firm YPF, the Foreign Secretary 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.
YFP is a subsidiary of Spanish-owned Repsol.