April 17, 2012 / 10:35 AM / 5 years ago

Argentina must uphold business agreements - EU's Barroso

BRUSSELS, April 17 (Reuters) - European Commission President Jose Manuel Barroso said on Tuesday he expected Argentina to uphold international agreements on business protection with Spain over its plan to take over the Argentine unit of oil major Repsol.

Argentine President Cristina Fernandez on Monday unveiled plans to take control of YPF, in which Repsol holds a share, drawing swift warnings from key trade partners.

"We emphasise the need for mutually agreed solutions which do not harm the business environment," Barroso told reporters.

"Thus I am seriously disappointed about yesterday's announcement. We expect Argentinean authorities to uphold their international commitments and obligations, in particular those resulting from a bilateral agreement on the protection on investments in Spain."

YPF has been under intense pressure from Fernandez's centre-left government to boost production, and its share price has plunged due to months of speculation about a state takeover.

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below