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Page last updated at 11:48 GMT, Wednesday, 18 April 2012 12:48 UK

'Repsol will fight Argentina's nationalisation of oil'


A spokesperson for the Spanish oil company Repsol has said that it would be "satisfactory" to accept market value on its expropriated shares of Argentinean company YPF.

Kristian Rix was speaking to the Today programme's Simon Jack in the wake of the Argentinean president's announcement that it was to nationalise Argentina's YPF, which is controlled by the Spanish company.

He said that the first they heard about it was when it was announced live on TV by President Cristina Fernandez de Kirchner while at the same time the state representative on the board of Repsol was at the company with a list of names of Spanish and Argentinean staff who were "to be kicked out of our offices".

He said that the company will be seeking redress through the International Arbitration Courts as well as Argentinean courts.

"For sure we will fight this tooth and nail," he insisted.

Mr Rix said that there had been interest from a number of parities who wanted to help develop the country's resources but he said "that is now impossible because Argentina has scared away potential investors".

He denied that the move was because Argentina was not investing in YPF saying this was "a manipulation of reality" going on to say that the country's production is declining.

"It was our investment, our discovery that have produced Argentina's largest ever non-conventional discovery," he said.

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