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latest news > news in brief > Open letter to the Argentine people concerning the expropriation of the petroleum multinational Repsol

Comité pour l’Annulation de la Dette du Tiers monde (CADTM)

Open letter to the Argentine people concerning the expropriation of the petroleum multinational Repsol

21 May 2012

By CADTM Abya Yala Nuestra America, CADTM Europe

CADTM Abya Yala Nuestra America, (CADTM AYNA) and CADTM Europe firmly support the sovereign right of the Argentine nation to declare YFP, the principal petroleum company operating within its territory, to be of public utility and to proceed to the expropriation of the stock held by the Spanish multinational Repsol.

We fervently reject the international campaign of menaces and calls for heavy sanctions against Argentina initiated and transmitted by unscrupulous bosses, the Spanish government, eminent members of the European Union and the conservative establishment and media. We are shocked to see that public opinion is deliberately misinformed and led to believe that the defence of the special interests of Repsol merit Spanish and European public concern. Repsol is a private multinational company regularly accused of non-respect of its contractual obligations, labour laws and environmental regulations. It is also to be noted that Repsol uses tax havens to avoid tax payments whilst the Spanish and European populations are in the grip of austerity measures.

We consider this measure, in spite of its insufficiencies and limits, to be a positive step toward the re-appropriation of strategic natural resources by all countries in parallel with the development of an integrated energy policy between Latin American countries permitting the affirmation of independence from multinational companies and supranational powers. We also call on the governing bodies to renounce the exportation and extraction based economic models actually pursued in favour of a prudent, reasonable and environmentally respectful use of natural resources. It is essential that ecological debts be repaid and the living conditions of the populations be improved.

We call for the Argentine government to immediately denounce bilateral investment treaties without renewal, leave the ICSID (International Centre for the Settlement of Investment Disputes), a dependancy of the World Bank and to repudiate the debts that public and transparent audits have shown to contain an illegitimate character.

We call for the greatest support and solidarity with Argentina in the face of manoeuvrings, aggressions, exclusions or sanctions resulting from pressure by powerful foreign petroleum interests and welcome this initial step towards the social management of strategic natural resources.

Signatures: CADTM Abya Yala Nuestra America, CADTM Europe, CADTM international secretariat

The Committee for the Abolition of Third World Debt is an international network comprising members and local committees.

Translated by Mike Krolikowski

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