President Petroleum distances itself from YPF

AIM-listed oil and gas group President Petroleum has said it notes the recent events relating to YPF in Argentina, and remains 'fully committed' to operating in the country.

"President and its partner continue in the normal professional way to work constructively with the Salta Province in relation to the expeditious developing of their hydrocarbon assets in the region," the firm said.

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Argentinian authorities have said YPF invested too little to raise oil field output in the country, something the company has denied.

Earlier today Spain has threatened to retaliate over the nationalisation, indicating the increased possibility of a trade war between the two counties.

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