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
Cristina Fernández de Kirchner opted instead to send a bill to Congress for the renationalization of YPF, privatized in 1993, blaming the Spanish company Repsol for the energy trade deficit. The bill was approved by the Chamber of Deputies by a 207-32 margin. It was criticized as an authoritarian move, as there was no negotiation with Repsol. As well, the Vaca Muerta oil field had been discovered by this time. However, YPF was unable to afford the costs to exploit the oil at the site, and the rights to drill at Vaca Muerta were sold to the Chevron Corporation. The costs of energy imports