Argentina–Spain relations were made declassified and stated that Prime Minister Margaret Thatcher feared that during the Falkland war, Spain would join Argentina by invading Gibraltar. A dispute arose in 2012, when Argentina sought to nationalize the energy company YPF, owned by the Spanish multinational company Repsol. Spain warned against such a move stating that it would harm bilateral relations if such a move were to happen. On 16 April, Argentina's President Cristina Fernández de Kirchner announced the nationalization of YPF, to which Spain warned of a "clear and decisive" response. Since then, Argentina has recompensed the Spanish government and Repsol over the
YPF Investment in exploration at YPF as a percentage of profits had been far below those in most other Repsol subsidiaries. Market analysts and Repsol blamed the decline in exploration and production on government controls on exports and prospecting lease awards, and price controls on domestic oil and gas. Political risks and government intervention, including price controls, have discouraged foreign investment in oil production in Latin America in general. President Cristina Fernández de Kirchner raised YPF frequently in speeches during March 2012, claiming that underinvestment and excessive dividends at the firm had caused declines in output. Governors in six fossil-fuel producing