Written declaration No. 521 | Doc. 12922 | 26 April 2012
The expropriation of the YPF Oil Company by the Argentine Government
- international law
- petroleum production
We, the undersigned, are deeply concerned by the escalating situation following the Argentine Government’s announcement on Monday April 16 of its decision to nationalise the YPF Oil Compagny.
We would like to express our disappointment at this decision which breaks a long history of cordiality and friendship between Spain, Europe and Argentina.
We view this action as an attack on free enterprise and the principle of legal certainty representing an arbitrary and discriminatory action in violation of international law.
We view this act as an unlawful assault on international law that may weaken its impact in the future for all players in our globalised economy. This may set a dangerous precedent for legal certainty, leading to a disregard for international law and the consequent non-compliance by governments with their international responsibilities.
We call upon Argentina to return to the path of dialogue in order to resolve this problem through negotiation and diplomatic means.
We urge all parties involved in the dispute to respect international law and improve legal certainty internationally.
All States are called upon to protect European and international standards so as to safeguard the rule of law worldwide.