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Spain retaliates over nationalisation of oil company

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Spain retaliates over nationalisation of oil company

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Spain may cut imports of biodiesel from Argentina. It comes after the Latin American nation decided to nationalise the Spanish-controlled oil company YPF, taking control of 51 percent of the firm from Madrid-listed Repsol.

European biodiesel supplies may now be given preference in Spain.

“The objective of this decision is to support Spanish and EU refineries, so they can supply biodiesel under competitive conditions,” Soraya Saenz de Santamaria, Spain’s Deputy Prime Minister, said at a news conference.

Spain is thought to have imported around 750 million euros worth of biodiesel from Argentina last year.

Argentina’s president Cristina Fernandez says her country could use more of the fuel itself if Spain follows through with its threatened cut.