How To Guides
- Childbirth & Education
- Legal Formalities
- Pensions & Benefits
- Property & Accommodation
Did you know...?
- Airports and Airlines Spain
- Paramount Theme Park Murcia Spain
- Corvera International Airport Murcia Spain
- Daily Brief - Monday 14 April 2014
- The Vegetarian Barbeque and the Unholy Sex
- Meet Wincham at The Homes, Gardens & Lifestyle Show, Calpe
- QROPS 2014
- Spain Increases IHT in Valencia & Murcia
- Removals to Spain v Exports from Spain
- The Charm of Seville
- Gibraltar Relations
- Pensioners 'misled' by Co-op Bank
- UK Inflation no problem for Governor Carney
- Retiro Park : Madrid
- Wincham announce opening of Marbella office
- Community Insurance in Spain
- Calendar Girls
- Considerations when Insuring your Boat in Spain
No worries for Repsol in Venezuela
President Hugo Chavez ruled out on Friday any retaliatory measures against Repsol's interests in Venezuela as a result of its legal battle with his ally President Cristina Fernandez's government in Argentina. "Do you think that if Repsol saw any danger for its investments in Venezuela, they would come and sign another agreement?" he told reporters, referring to recently-signed new agreements relating to a gas project. Last month, Chavez advised the Spanish energy company to seek a friendly agreement after Argentina nationalized its local unit, YPF, in April.
Repsol has sued for €10 billion in compensation and taken steps to file for World Bank arbitration.
Fernandez, one of Chavez's most important allies in Latin America, said Repsol had not invested enough in YPF and had allowed crude production and exploration to decline.
"We are friends of Repsol, we are allies and friends of the Argentine Republic. What I have done is make a reflection and send a message to Repsol, I don't think it's the right thing to go to international arbitration," Chavez told reporters.
"We think it's a bad sign that Repsol sues Argentina at an international tribunal because that shows that if any dispute arises with us tomorrow or after, would they go there and do the same? Let's fix this as allies is what we propose."
Chavez, who is Washington's most vocal critic in the region, has nationalized large swathes of Venezuela's economy including most of the oil industry during his 14 years in office.
Repsol and Italy's ENI signed a major deal last year with Venezuela's state oil company, PDVSA, to develop the OPEC nation's Perla offshore natural gas field, where they have certified more than 15 trillion cubic feet.
Repsol also has an 1% stake in Carabobo Project 1 in Venezuela's extra heavy Orinoco crude belt, where reserves are seen at 31 billion barrels and output at 400,000 barrels per day. The company has said it expects to invest €15 billion in Carabobo.
Latest News & Stories
- Castellon Airport costs Valencia €46,300 per day
- EU sends investigators to Leon Airport
- Germany cancels scheme to attract young jobless from abroad
- Spain Unemployment to take decade to recover
- Less vehicles in Spain travel toll roads
- Spain approves coal subsidies ahead of shutdowns
- Spain’s roads in worst condition since 1985
- Study reveals food and family main reasons behind expat repatriation
- Guardia Civil 'Brit Torturers' face 26 years
- Independent Catalaonia would not become EU member : Brussels
- Applying for Residential Status ( Residencia) - Non- EU Citizens
- Applying for Spanish Citizenship
- Applying for Residential status (Residencia) - EU Citizens