Brussels, 27/04/2012 (Agence Europe) - Argentina considers as “unacceptable” and “excessive” the EU's reaction to the fact that the Argentine parliament's Lower House is, next week, to validate the forthcoming nationalisation of Spanish oil company Repsol's national subsidiary YPF, refusing to be preached at.
“Your comments on Repsol-YPF have surprised me, both in their focus and the tone that was used. The reaction is excessive and the focus deserves a more detailed analysis”, the Argentine foreign minister, Hector Timerman, writes in response to the letter sent on 19 April by Trade Commissioner Karel De Gucht (see EUROPE 10600). The Argentine minister points out that Repsol reduced gas production by 25.4% and that of oil by 38.3% between 1999 and 2011, with a 40.5% reduction in oil reserves and 47.1% in gas. During that time, Repsol showed unheard-of levels of profitability, increasing prices and distributing $15.72 billion (€11.90 billion) in dividends. “I find it unacceptable that you question the commercial policy of our country”, Timerman deplored. On the subject of Spain's decision to no longer import biodiesel from Argentina, Timerman said this is “unacceptable discrimination” which affects half of the country's exports to Spain or 10% of total exports to the EU. Finally, Karel De Gucht called Buenos Aires to order about keeping its commitments in favour of free trade within the G20, and Timerman called on the EU to keep its own commitments instead of appointing itself as an assessor of the other G20 members, a role that, he added, no-one has given it. (EH/transl.jl)