Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-04-18-Speech-3-442-000"
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"en.20120418.23.3-442-000"2
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"Mr President, Mr Wammen, the Commission is monitoring the situation very closely after it was announced that Argentina was expropriating the majority share held by the Spanish company Repsol in the YPF energy company.
As Commissioner for Industry and Entrepreneurship, I can also inform you that my Directorate-General of Enterprise and Industry, along with a number of European companies, was due to undertake a mission to Brazil, Uruguay, Chile and Argentina next week, but obviously this will not take place in Argentina. It will go ahead in the other countries, of course, but it is clear that the climate created by this expropriation does not allow this mission to take place in Argentina.
The Commission fully supports Spain. Our services, with Spain’s consent, are currently examining the measures that need to be adopted. At the moment, no options are being ruled out.
I would like to stress the importance of reaching a solution by common agreement in accordance with international law and the principles of legal certainty and investment protection, which does not damage relations between the EU and Argentina or have an adverse effect on European investors in Argentina.
The Commission wishes to express its serious concern and vigorous condemnation of this action, which affects a European company and therefore a significant EU investment in Argentina. It is not for nothing that YPF is the most important oil-producing company in the country.
This announcement has led to a situation of legal uncertainty that is incompatible with international law and could seriously affect international investments, undermining their stability and protection.
The Commission would also like to express its grave concern over the potential negative impact in other sectors that were mentioned by the President of Argentina in her public address.
The Commission urges the Argentine Government to respect its international commitments with regard to the treatment and protection of investments originating in an EU Member State and, in particular, calls on it to comply with – in this case – the Bilateral Investment Promotion and Protection Agreement, signed by Argentina and Spain on 3 October 1991.
That agreement expressly protects investments made pursuant to the law, and it demands fair treatment of those investments, forbidding any unjustified or discriminatory measures such as those applied in this case. Those commitments must be respected. The Commission is demanding that the rights of European investors be duly protected and guaranteed.
The Commission has already conveyed its serious concern to the Argentine Government through the European Union delegation in Argentina.
Mr Barroso himself has been in contact a number of times with the Prime Minister of Spain, Mr Rajoy, and clearly expressed his concern from the very beginning. For the same purpose, Mr De Gucht, Commissioner for Trade, will be sending a letter to the Argentine Minister for Trade.
Given the situation that has arisen, the Commission and the High Representative of the Union for Foreign Affairs and Security Policy, Baroness Ashton, have decided to cancel the EU-Argentina Joint Cooperation Committee meeting due to take place on 19 and 20 April."@en1
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