MOTION FOR A RESOLUTION on the decision by the Government of Argentina to take control of YPF

18.4.2012 - (2012/2619(RSP))

to wind up the debate on statements by the Council and the Commission
pursuant to Rule 110(2) of the Rules of Procedure

Catherine Grèze, Ana Miranda, Raül Romeva i Rueda, Rui Tavares on behalf of the Verts/ALE Group

B7‑0219/2012

European Parliament resolution on the decision by the Government of Argentina to take control of YPF

(2012/2619(RSP))

The European Parliament,

–   having regard to the Government of Argentina decree on the nationalisation of YPF,

–   having regard to the Law of Hydrocarbon Sovereignty of Argentina, Title 1, Chapter Single, which declares the national public interest in achieving self-sufficiency of hydrocarbons as well as exploitation, industrialization, transportation and marketing of hydrocarbons,

–   having regard to the Framework Agreement for trade and economic cooperation between the European Economic Community and the Argentine Republic, 1990, and also the Working Programme European Union – Argentina, 2010-2013,

–   having regard to the Interregional Framework Cooperation Agreement between the European Community and its Member States, of the one part, and the Southern Common Market and its Party States, of the other part,

–   having regard to the statements of Catherine Ashton, High Representative of the Union for Foreign Affairs and Security Policy of the EU on the Government of Argentina decision to renationalise the oil company YPF,

–   having regard to Rule 110(2) of its Rules of Procedure,

A. whereas high oil prices in Argentina have become a great burden that hinders the recovery of the economy amid the global economic crisis;

B.  whereas YPF, despite obtaining a net profit of 16,450 million dollars between 1999 and 2011, didn’t meet its commitments of investments on infrastructure and that triggered not only distribution and consumer disruptions but also contributed to high prices due to a decrease in production;

C. however Argentina has potentially enough oil resources to be energetically self-sufficient and, thus, energy is a tool to reactivate the economy and improve the living conditions of the population;

D. whereas the Argentinian Republic, despite having the capacity of being self-sufficient, is currently spending 11,000 billion dollars on oil and gas imports, preventing the Government to invest more on productive sectors and social needs;

E.  whereas the burning of fossil fuels is the major cause of climate change and despite the demonstrated feasibility of clean energy alternatives, Argentine and Spanish governments are in a dispute for an obsolete, expensive and polluting energy resource;

F.  whereas YPF carried out a policy against the Argentinian general interest and also against the principle of energetic sovereignty of the state when it reduced investments and it decreased the oil production and the reserves in 8,6 cubic meters million from 1998 to 2011;

1.  Recognises the right of governments to nationalise strategic sectors of the economy, including the energetic sector, when the interest of a private company and the majority of the population diverge significantly, and the sector became fundamental to implement key economic policies, especially in the context of severe economic crisis;

2.  Calls on the Government of Argentina to better regulate strategic sectors to avoid companies undermining the national interest and also generating legal uncertainty; it also calls on the Government of Argentina to ensure an efficient and transparent management of YPF which benefits the citizens of Argentina and not interest groups dissociated from the productive economy and the creation of employment;

3.  Call on the Spanish Government to not to confuse public and private interests. The interests of the private company Repsol are not the general interest of Spain nor the ones of the European Union;

4.  Calls on the European Commission to include clauses in the negotiation of an agreement with Mercosur to ensure that private management of strategic sectors is in line with the state interests on both parts to also foster legal certainty and foreign investment;

5.  Understands that the Argentinian Government intervention of YPF is a legitimate isolated case and, therefore, it should not entail any obstacle to maintain the current fluid diplomatic relations between the EU and Argentina;

6.  Calls on the Argentinian Republic to deliver a transparent and negotiated nationalisation process, according to the Valuation Tribunal of Argentina of the Expropriation Act and according to the international law;

7.  Urges both the European Union and Mercosur to establish cooperation mechanisms in order to overcome the current climate crisis by developing an energy policy independent from oil and oil companies’ interests and to promote a fundamental renewable energy model, efficient and intelligent in both countries;

8.  Encourages the Argentinian Republic to invest an adequate share of the oil revenues on production of renewable energies, in order to reduce oil dependency and strongly combat climate change in the framework of its international commitments;

9.  Calls on the European Commission not to obstruct the negotiations of trade agreements with the Mercosur bloc because of this isolated conflict and recalls that the EU should maintain its compromise with the integration process of the Latin American region;

10. Instructs its President to forward this resolution to the Council, High Representative of the Union for Foreign Affairs and Security Policy of the EU, the Commission, Government of Argentina and the Mercosur.