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EU Parliament Slams Argentina's YPF Seizure

•, By Raf Casert

The European Union parliament on Friday condemned Argentina's move to seize control of the YPF division of Spanish oil and gas company Repsol and demanded that the EU take action against Buenos Aires at the World Trade Organization.

The parliament also called on the EU to look at the "possible partial suspension of the unilateral tariff preferences" as a way of punishing any country that attempts to nationalize a European company's assets.

Argentina says it is making the move -- which would take control of 51 percent of YPF, leaving Repsol with a 6 percent stake -- because Repsol has not invested enough in the country's oil industry.

Repsol YPF SA and Spain have slammed Argentina's re-nationalization of YPF as outright "pillaging" and an attack on their interests. The company's chief executive, Antonio Brufau, told reporters Wednesday that YPF is worth $18.3 billion, and he valued Repsol's stake at $10.5 billion.

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