On Friday – the Spanish government delivered a warning to Argentina – threatening that Argentina will become an “international pariah” if it moves forward with nationalizing a Spanish energy company. The energy company YPF – one of the largest oil and gas producers in Argentina – was bought out by the Spanish company Repsol in 1999.
But now – Argentina wants to take back Repsol’s 57% share of the company – and hand it back to the Argentinean people. Spain’s foreign minister took the threat a step further saying that plans for nationalization would be seen as “aggression” against the Spanish government as well. Regardless of the international consequences – Argentina is on the right track – and all countries of the world should work toward nationalizing their natural resources.