. President Hugo Chavez warned last night the Spanish oil group Repsol to reach an amicable agreement with Argentina and desist from filing a lawsuit against this country for the expropriation of 51% of the shares of the subsidiary Oilfield Fiscales (YPF).

"I advise them to think very well because they should seek an amicable settlement with a neighboring country, of us, South America (...) Repsol has large investments here and we want to keep having them," Chavez said after a meeting with the Minister Argentine Federal Planning, Public Investment and Services Julio De Vido, which discussed issues of bilateral interest.

On the other hand, Chavez announced a partnership with YPF. "We want YPF participates in the Orinoco Belt and in fields that are already producing. We have evaluated even in what areas and in which fields (...) We are happy to welcome you in the oil business," he said from the Palace Miraflores told VTV.

He said that the meeting discussed "greater participation of PDVSA, now a member of YPF, the Argentine territory, which Venezuela will begin to explore, produce oil, gas." He also proposed to Venezuela to Argentina send additional crude from the Faja. AMHF AMHF